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Gold ETF turnover nears Rs 500 cr on Akshaya Tritiya
Gold ETF
Investors rushed to trade in gold ETFs, which allow investment in yellow metal in non-physical electronic mode, on ‘Akshaya Tritiya’ today with turnover nearing Rs 500 crore on two bourses NSE and BSE by 7 pm.
NSE alone witnessed volumes of more than Rs 400 crore as of 7 pm, while BSE also clocked nearly Rs 80-crore worth trade.
The trading was scheduled to continue for another two hours, as both NSE and BSE have decided to extend the trade timing till 2100 hrs to cash on the investor’s demand for gold on ‘Akshaya Tritiya’, considered an auspicious day for buying the yellow metal.
Both the exchanges have also waived off any transaction fees on gold ETFs for today, and extended trading beyond the normal closing at 1520 hrs.
The trade volume has more than doubled because last year as NSE had seen volumes of Rs 172 crores in Gold ETFs on Akshaya Tritiya last year on May 16, 2010.
Volumes have been showing high growth in the last three years and have shown impressive growth in the run up to Akshaya Tritiya this year as well. Yesterday, volumes shot upto Rs 179 crores at NSE, a trend that was not seen in the run up to the festival last year.
Read full story here – Economics Times
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