India gold ETF collections up 90% to 12.87T

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Mumbai: India’s gold collections under ex-change-traded funds rose 90.2 percent to 12.87 tonnes in September as the yellow metal hit a new peak, data from the funds showed.

Gold on the Multi Commodity Exchange (MCX) rose 0.28 percent to be at 19,583 rupees per 10 grams on October 11 at 1:06 p.m.

It had hit a new record of Rs.19,744 on October 7.

“Clients are growing by 50 percent (on year) and the interest is rising,” Rajan Mehta, executive director with Benchmark Mutual Fund, the country’s largest gold fund.

“There is selling by some holders, but new purchases are more,” said Mehta.

Though gold collections under the ETFs are growing on year, they remain miniscule against India’s imports of around 700 tonnes annually.

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