Sunday, March 24, 2013
GOLD ETF IS STILL ATTRACTIVE
Despite the falling prices of the yellow
metal, gold ETFs (exchange traded funds) will remain attractive as an
asset class in the near future, say industry players. "Gold ETFs will
remain attractive as an asset class. A trend can't be drawn from the
fall in the AUMs for one short period," IDBI Mutual Fund Chief Executive
Debashish Mallick has told PTI. After recording net inflows for seven
consecutive months, gold ETFs witnessed a net outflow in February as
investors booked profits to invest in equities and other asset classes.
The net outflows, although a small amount of Rs 8 crore, has happened
on the back of falling gold prices, which witnessed a dip of around 2.5
per cent drop in the first three months of 2013. Mallick also said
though it is difficult to take a call on the price movement of the
yellow metal, gold ETF remains a good source for portfolio
diversification for an investor. Similarly, Reliance MF Chief Executive
Sundeep Sikka said gold remained a source of sound return for retail
investors. "We see gold as a very attractive return asset class for
retail investors," Sikka said. Quantum MF also said this trend of
outflow may not continue in the near future. "Equities have not
preformed on the expected lines as projected before. Also, there is only
a chance of arbitrage in the fixed income category. So, gold ETFs
remain as an attractive category despite the recent outflow," Quantum MF
Chief Executive Jimmy A Patel said. He further said the latest data of
outflow in gold ETF couldn't be regarded as a generic trend.
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