Gold exchange-traded funds (ETFs), considered a safe haven during uncertain times, continue to glitter as they received a net inflow of Rs 103 crore in May.
The development comes after a net inflow of Rs 124 crore witnessed in the asset class in April. Before that, investors withdrew Rs 266 crore from Gold ETFs in March, data from the Association of Mutual Funds in India (Amfi) showed.
The slightly low inflow in May compared to the preceding month could be attributed to profit booking.
Gold price came off its highs towards the second half of May on the back of positive news with regards to the US government raising the debt ceiling, thereby providing some buying opportunity, particularly after a sharp rally it witnessed since March this year, Melvyn Santarita, Analyst-Manager Research, Morningstar India, said.
“With gold prices still trading at high levels, some investors would have chosen to book profits or take on risk on approach with a view that central banks would pause furthe
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