Wednesday, June 24th 03:02 PM IST

India Gold ETFs AUM down 23% in Apr-May

# India Gold ETFs  # ETFs  # Gold  

The outflow pulled the assets base of Gold ETFs to Rs 6,688 crore in May from Rs 8,676 crore at the end of the last fiscal.

MUMBAI (Bullion Street): Gold exchange traded funds (ETFs) have lost favour among investors as mutual fund managers pulled out close to Rs 500 crore from these products in the first two months of the fiscal, mainly on account poor return, latest data from the Association of Mutual Funds in India ( AMFI) showed.

According to the data, fund managers have withdrawn a net amount of Rs 487 crore from gold ETFs during the first two months (April-May) of the current year.

The outflow led to assets under management (AUM) of gold funds plunging by 23% during the period.

This is in continuation with an outflow from such funds in the past two financial years.

Gold ETFs saw an outflow of around Rs 1,475 crore from these products in 2014-15 and a withdrawal of Rs 2,293 crore by mutual fund (MF) managers in 2013-14.

The mutual fund sector, which launched Gold in 2006-07, has 14 gold-based schemes.

The outflow pulled the assets base of Gold ETFs to Rs 6,688 crore in May from Rs 8,676 crore at the end of the last fiscal.

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