India Jan gold ETF volumes up 67 pct; growth seen


India Jan gold ETF volumes up 67 pct; growth seen
MUMBAI, March 7 (Reuters) - Gold holding with Exchange
Traded Funds in the world's largest bullion buyer India rose 67
percent on year to 14.95 tonnes in January, as investors took
advantage of three-month trough anticipating further price
rise.
Gold prices rallied from their lowest level in three months
to its new peak of 21,256 rupees struck on Monday.
ETF gold collections are mimimal, compared with the yearly
imports of 800-900 tonnes, but fund managers said volumes will
continue to grow in double digits.
There are about seven mutual fund houses offering ETF
products, and Reliance Mutual Fund recently closed its new fund
offering for a gold fund of fund, which is expected to jack up
imports in March.
The following table shows ETFs' gold holdings in metric
tonnes and their value in billion rupees:
End Jan 2011 End Jan 2010
Funds Gold *AUM Gold AUM
==========================================================
Benchmark 8.206 16.56 4.086 6.60
UTI 2.698 5.44 1.993 2.71
Kotak 1.264 2.50 0.722 1.18
Reliance Capital 1.593 3.21 1.417 2.50
Quantum 0.132 0.266 0.096 0.16
SBI 0.873 1.76 0.610 1.02
**Religare 0.185 0.42 NA NA
===========================================================
Total 14.951 30.156 8.924 14.17
* Assets under management -- figures are average -- figures
are average of the month, obtained from the Association of
Mutual Funds in India.
** The year-ago figures of Religare are not available.
(Reporting by Siddesh Mayenkar; Editing by Rajesh Pandathil)
Comments