Gold saving funds see Rs. 864 crore net inflow in April, shows data
- IBEF
- May 24, 2021
In April 2021, gold savings funds and gold ETFs net inflows stood at Rs. 864 crore (US$ 118.57 million).
Mr. Chirag Mehta, senior alternative investment fund manager at Quantum Mutual Fund, said, “Since precious metals are still under-allocated assets in investors' portfolios during COVID-19 pandemic, it is expected that positive flows will continue to occur in FY22.”
According to data provided by Morningstar India, in April 2021, there were gold savings funds and gold ETFs with net capital inflows of Rs. 184 crore (US$ 25.25 million) and Rs. 680 crore (US$ 93.32 million), respectively. Previously, in FY21, gold funds had a net inflow of > Rs. 3,200 crore (US$ 439.16 million), while gold ETFs had a net inflow of > Rs. 6,900 crore (US$ 946.94 million).
Mr. Himanshu Srivastava, Deputy Director of Morningstar India, said, “The strong growth in the number of COVID-19 cases this year makes people hope that as an asset class, gold could continue to perform well in today's environment".
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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