India gold ETFs see first monthly outflow in a year as investors book profits | Metals Mine

  • India gold ETFs see first monthly outflow in a year as investors book profits

    From kitco.com

    ndia's physically backed gold exchange-traded funds (ETFs) recorded their first net monthly ​outflow in a year in May, as investors booked profits following a sharp rise in prices triggered by higher import duties, ​data showed on Thursday. The outflow could ​reduce import demand in the world's ⁠second-largest gold consumer, helping narrow the trade ​deficit and support the rupee, one of ​Asia's worst-performing currencies. Gold ETFs registered net outflows of $61 million, equivalent to 0.4 metric tons, in May, ​reducing total holdings to 116.3 tons, ​data from the World Gold Council showed. Despite May's ... (full story)

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