TIL Desk/Business/New Delhi/ Assets managed by gold exchange traded funds rose to Rs 5,079.22 crore in the first four months of the current fiscal, a period during which stock market dropped 3 per cent as investors turned to the yellow metal amid economic headwinds.
Data from Morningstar showed that assets under management (AUM) of gold ETFs (Exchange Traded Funds) have been rising since April this year. In contrast, the 30-share Sensex has fallen 1,191.79 points or 3 per cent during the April-July period. The BSE’s benchmark index suffered a massive drop of nearly 5 per cent in July compared to the previous month.
“For a long time, investors have stayed away from investing in gold ETFs/funds, as gold prices, after making a high around 2012, has retracted and remained range-bound since then. However, there has been a reversal in trend this year, with gold prices again moving up,” Himanshu Srivastava, Senior Research Analyst and Manager Research, Morningstar Investment Adviser India said.
