New Delhi6 minutes ago
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There was an investment of Rs 1,028 crore in Gold ETF (Gold Exchange Traded Fund) last month i.e. August. This is a record investment of 16 months in Gold ETF. Earlier in April 2022, due to the Russia-Ukraine war, an investment of Rs 1,100 crore was made in it. This year, investment in gold ETFs has increased due to increase in risk due to continuous increase in interest rates in America.
According to the data of Amfi, an organization of mutual fund companies, so far 73.40% investment in Gold ETF in 2023 has come in August only. A total investment of Rs 1,400 crore has been made in it till August this year. Rs 456 crore came into Gold ETF in July.
Only Rs 298 crore was invested in April-June
In April-June, only Rs 298 crore was invested in this category. Earlier, selling in gold ETFs was seen in three consecutive quarters. There was a withdrawal of Rs 1,243 crore from this category in January-March 2023, Rs 320 crore in October-December 2022 and Rs 165 crore in July-September 2022. Gold ETFs witnessed the highest monthly investment in August this year after April 2022.
What is Gold ETF?
It is an open ended mutual fund, which is based on the rising and falling prices of gold. It gives the flexibility of investing in stocks along with investing in gold. Gold ETF can be bought and sold on BSE and NSE like shares. However, you do not get gold in this. Whenever you want to exit from it, you will get money equal to the price of gold at that time.
How can one invest in it?
To buy gold ETF, you have to open a demat account through your broker. In this, you can buy units of Gold ETF available on NSE and the equivalent amount will be deducted from the bank account linked to your Demat account. Gold ETFs are deposited into your account two days after the order is placed in your demat account. Gold ETF is sold through trading account only.
Gold can go up to Rs 65 thousand by the end of the year
Demand for gold and silver will increase during festivals. Due to this, by Diwali, gold can go up to Rs 62,000 per 10 grams and silver can go up to Rs 78-80 thousand per kg. Gold is likely to reach Rs 65,000 and silver Rs 90,000 by the end of 2023.
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