Gold ETFs witness highest-ever outflows

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SummaryGold exchange traded funds witnessed monthly outflows of Rs 2,300 crore in June 2012.

Gold exchange traded funds (ETFs) witnessed monthly outflows of Rs 2,300 crore in June 2012, the highest ever in the category.

According to the AMFI, assets under gold ETFs fell by 2.2 per cent over the month to Rs 10,100 crore in June. The outflows from this category could be primarily because of profit booking after the price of the underlying metal rose sharply in the past one year due to global risk aversion and domestic buying.

Gold prices represented by the CRISIL Gold Index have risen 34 per cent in the one-year period ended June 29, 2012. The mutual fund industry’s month-end assets under management fell by 1.5 per cent (Rs 10,500 crore) to Rs 689,000 crore in June 2012 primarily due to outflows in money market funds which witnessed cyclical quarter-end outflows due to withdrawals by corporates.

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