Millennium Post

`2,220 gold ETF sales on Dhanteras

Country’s top two exchanges BSE and NSE recorded a total turnover of over Rs 2,200 crore in gold ETF on Dhanteras – an auspicious occasion for gold buying as per Hindu tradition – on Sunday. The total traded value of gold ETF (exchange traded fund) on the NSE stood at a record value of Rs 1,337 crore, while the BSE recorded a turnover of Rs 894.55 crore, the two exchanges said separately.

Dhanteras is considered an auspicious day to buy precious metals like gold and the exchanges held a special trading session. The gold ETFs track gold prices and each unit of these ETFs is generally calculated at the rate of one gram of the metal. It carries advantage like 99.5 per cent purity assurance over physical gold. In terms of volume, the number of gold ETF units traded went up by 81 per cent to 4,441 kg on the NSE over the same day last year, the exchange said.

BSE’s total traded volumes in the segment surged by 1,391 per cent over last year to Rs 894.49 crore on the occasion in 2012.

‘Over the last decade, gold investments have been one of the best performing asset classes moving from about Rs 4,000 per 10 grams to over Rs 30,000 on Monday.

‘And during this time the rupee has depreciated against all major currencies. One of the reasons gold prices remain firm is that it is a limited resource and cannot be printed like paper currency,’ Religare Securities President Jayant Manglik said.
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