Kotak Gold ETF launches on the NSE
Last week, the Kotak Gold ETF (see previous post) was finally listed on the NSE:
The open-ended Kotak Gold ETF got listed on the NSE and opened at the price of Rs 919, which is also day’s high, against its issue price of Rs 892.15. The total quantity traded was 15,257 units, of which 17% was presented for delivery.
The asset base of this open-ended Gold ETF is Rs 40-42 crore.
This makes it the third gold ETF in India, after the ones launched by Benchmark and UTI Funds. The gold price in rupees has been relatively volatile, following US gold prices but further impacted by the $:Re exchange rate.
Note that gold prices have held up relatively well amidst all the mess in global stock markets; however, they also haven’t gone up a lot as the “safe haven” hypothesis would suggest. I’m leaning towards the bullish side due to rupee weakness, the approaching gold buying season in India, and such. But let’s see.
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