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Investors have shown renewed interest in gold exchange-traded funds (ETFs) in September, investing Rs 446 crore and the inflows may continue in the coming months due to strong demand on the back of a festival season in the country.
The investment was sharply higher than the net inflow of Rs 24 crore recorded in August. In July, the category saw a net withdrawal of Rs 61.5 crore, data with the Association of Mutual Funds in India (Amfi) showed.
With this, the gold ETF category has received a net inflow of Rs 3,515 crore so far. The segment witnessed just one month of net outflows, which was in July.
The latest inflow helped in pushing the number of folios in the category by over 14% to 24.6 lakh in September from 21.46 lakh in the preceding month. So far this year, the folio numbers have surged 56%.
Market experts attributed the inflow in September to a correction in the price of the yellow metal and the onset of the festival season in the country.
The markets in the US, UK and Canada saw net outflows in September, indicating investment during the festival season.
Despite the inflow, the assets under management (AUM) of gold ETFs dropped to Rs 16,337 crore at the end of September from Rs 16,350 crore at August end. It stood at Rs 16,750 crore in July-end.