Akshaya Tritiya: Gold ETFs worth Rs 608 cr trade on NSE
New Delhi: Gold ETFs worth Rs 608 crore were traded on NSE on Tuesday on Akshaya Tritiya -- considered an auspicious occasion to buy gold.
The traded value is about 44 percent higher compared to Rs 423.05 crore witnessed on the bourse on Akshaya Tritiya last year, according to NSE.
Gold ETFs or Exchange Traded Funds track the price movement of the yellow metal.
"The number of units traded on gold ETFs stood at 21,93,000 (last Akshaya Tritiya it was 20 lakh units) and the number of trades on the exchange were 1,29,579," NSE said in a statement.
Volumes in gold ETFs have been growing consistently over the last three years, with an impressive participation from retail investors, "especially on auspicious days like Akshaya Tritiya and Dhanteras", it said.
According to NSE, gold ETFs perform the role of stabilising a portfolio and protect an investor against market fluctuations.
On the bourse, the gross traded value of gold ETFs jumped to Rs 846 crore in 2011 from Rs 345 crore in 2010.
"... There has been an impressive growth in Gold ETFs on NSE. From an annual volume of Rs 1,172 crore in 2008-09, the figure has gone up to Rs 11,532 crore, in 2011- 12, depicting a growth of 883 percent," the statement said.