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Indian investors exit gold ETFs for the 11th straight month: AMFI data
Jun 9,2014 20:36CST
industry news
Source:SMM
The sharp decline in gold prices led to Indian investors exiting from gold funds.
Author: Paul Ploumis09 Jun 2014 Last updated at 08:30:19 GMT
 
NEW DELHI (Scrap Monster):  The sharp decline in gold prices led to Indian investors exiting from gold funds. According to latest data released by the Association of Mutual Funds of India (AMFI), Indian investors have continued to exit gold Exchange Traded Funds (ETFs) for the eleventh straight month.
 
As per data, the consolidated outflows from gold ETFs amounted to Rs 24 billion till April this year. In May alone, assets of gold ETFs fell by 1.7% to $1.4 billion. The total outflows during April amounted to $24 billion.
 
Gold ETFs in India witnessed huge folio erosion during the past one year. The total folio count of gold ETFs in India slumped by 63,065 from 552,463 retail folios in March ’13 to 489,398 folios in March this year. The total folio count of the industry has dropped by nearly 7% from 42 million in March last year to 39 million in March 2014.
 
AMFI data indicates that all categories of investors including retail investors, big corporate, banks and foreign institutional investors (FIIs) have exited largely from gold ETFs during the past one year. Retail folios in other ETFs multiplied six times when compared to gold ETFs which just managed to treble over the past five years.
 
According to analysts, the outflow from gold ETFs is likely to persist for some time more. The Indian equity markets are on a dream run, touching new life-time highs. Investors may prefer to invest in stocks for some more time, at least until gold regains its lost glimmer.
 
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