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India gold ETF assets hit $1.8 billion
Continuing its northern journey, Assets held by exchange-traded funds in India recorded highest growth in October.
According to Association of Mutual Funds in India (AMFI), Money held by Total assets of gold ETFs jumped to Rs 90.90 billion ($1.8 billion) as at Oct. 31 compared with September’s Rs 76.3 billion ($1.7 billion).
Last year at the same time, assets were only worth Rs 30.97 billion.
Analysts said investment in gold ETFs is likely to remain firm in India as prices continue to hit new highs amid the ongoing global economic uncertainty and a weak rupee.
The growth of ETF assets in India suggests the passive,low-cost style of investing that changed asset management in theU.S. and Europe may do the same for the Asian nation,they added.
In Asia excludingJapan, ETFs held $59 billion at end of May, up 23.4 percent froma year earlier. Gold ETFs were first launched in India in early 2007. - bullionstreet.com
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