Gold ETF: Investors’ interest in gold is continuously increasing in the current financial year. It is being told that amid the continuing rise in interest rates in America, Gold ETF (Gold Exchange Traded Fund) has received investment of Rs 1,028 crore in August, which is its 16-month high. The pace of economic growth has been affected due to increase in interest rates in America. Association of Mutual Funds in India (AMFIAccording to ) data, with this the annual inflow in this category has exceeded Rs 1,400 crore. Apart from inflows into gold ETFs, its asset base and the number of investor accounts (folios) have also increased during the period under review.
Investments worth Rs 298 crore seen during April-June period
According to the data, Rs 1,028 crore was invested in Gold ETFs in August. Earlier in July, it had received investment of Rs 456 crore. Earlier, gold ETFs had seen inflows of Rs 298 crore during the April-June period after three consecutive quarters of selloff. There was a withdrawal of Rs 1,243 crore from this category in the March quarter, Rs 320 crore in the December quarter and Rs 165 crore in the September quarter. Gold ETFs saw the highest monthly inflows in August 2023 since April 2022. Due to the Russia-Ukraine war in April 2022, there was an investment of Rs 1,100 crore in this category.
What is gold ETF?
Gold ETF (Gold ETF) is a financial instrument that aims to capture gold price movements. These are designed according to the respective revenues from steel, financial instruments and various other sources. Gold ETFs can be purchased through various financial instruments and can be sold on various trading instruments. These exchange platforms align the net investment price of gold ETFs with the actual market price of gold. Gold ETF investors receive benefits in the form of a proportionate share structure of the gold giant, without having to purchase actual gold or store it properly.
How is the price of gold and silver today?
Today, gold and silver are trading at higher prices in the bullion market of the country. Where a rise is being seen in the price of gold. Along with this, a rise is also being recorded in the rate of silver. Today the price of gold on Multi Commodity Exchange is trending up by 0.3 percent. The price of 10 grams of gold today is Rs 59162. Whereas, today the price of silver is Rs 72480 per kg with an increase of Rs 326 or 0.45 percent.
There was a rise in the market on Friday also
Amid global demand, gold rose by Rs 210 to Rs 59,810 per 10 grams in the bullion market of the national capital on Friday. In the last trading session, gold had closed at Rs 59,600 per 10 grams. The price of silver also increased by Rs 700 to Rs 73,700 per kg. In the international market, gold rose to $ 1,916 per ounce. The price of silver rose to $ 23.02 an ounce. Saumil Gandhi, senior commodity analyst at HDFC Securities, said the dollar index slipped from its highest level since March and was seen as a key factor driving some flows towards gold price. However, further upside was limited due to strong macroeconomic data in the US, he said. These figures indicate a strong US economy and tightening of the Federal Reserve’s policy stance this year.