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Gold Exchange Traded Funds (ETFs) continue to attract investor attention as they garnered net assets worth Rs 303 crore in October owing to festive season demand.
According to data from Association of Mutual Funds in India (Amfi), the numbers in October was lower than the net inflow of Rs 446 crore seen in September. Prior to this, the segment saw a net inflow of Rs 24 crore in the previous month.
Gold ETF received a net inflow of Rs 3,818 crore
Himanshu Srivastava, Associate Director & Manager Research, Morningstar India, said that investors might have chosen to buy physical gold as October is a festive month.
He said that the lower quantum of net inflow in October compared to the previous month could be attributed to the surge in gold prices in October that could have held investors back from allocating higher amounts in Gold ETFs.
The focus on equity markets could also be another factor for lower inflow, which have been trading at all-time high levels.
The Gold ETF category has received a net inflow of Rs 3,818 crore this year, so far. The segment saw a net inflow of one month, which was in July 2021 of around Rs 61.5 crore.
The latest inflow helped in increasing the number of folios in the category by 8% to Rs 26.6 lakh in October from Rs 24.6 lakh in the preceding month. So far, the folio numbers have increased by almost 200%.