India's Oct gold ETF collection up 25.7 pct on year
MUMBAI (Reuters) - India's gold collection under exchange-traded funds rose 25.7 percent on year to 7.049 tonnes in October, when the yellow metal touched new record highs, data from the funds showed.
Gold futures on the continuation chart on the Multi Commodity Exchange made three record highs in October, before hitting a fresh all-time high of 16,703 rupees on Monday.
Though gold collections under ETFs are growing, they remain miniscule against India's imports of about 400-700 tonnes annually.
Gold ETFs -- instruments that can be traded like shares and are backed by physical gold holdings -- are more than two year old and the segment may get crowded with some other funds planning to enter.
(Reporting by Siddesh Mayenkar; Editing by Harish Nambiar)
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