Gold exchange-traded funds continued to lose steam with investors pulling out almost Rs. 150 crore from the instrument in the April-June quarter, in favour of equities.

Assets under management fell 12% to Rs. 4,567 crore in June. “Gold ETFs [have seen] outflows [over] the last five years. After the… rise in prices since 2005, [they] made new highs in 2011-12 and then corrected sharply. Since then, they have traded in a range of $1,100-$1,400/oz,” Morningstar Investment Adviser India, director, Kaustubh Belapurkar said.

“Equity markets have moved up sharply since 2014, switching investor focus towards equities.”

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