Gold exchange-traded funds in India registered record total inflows of Rs 21 billion ($238 million) in August, well above the monthly average of Rs 8 billion during the first half, the World Gold Council said in a report on Thursday.
The report added that net inflows to mutual funds during August reached a record level of Rs 16 billion, and total assets under management rose to Rs 374 billion ($4.4 billion), which represents an increase of 8% and 54% on a monthly and annual basis.
Since the beginning of the year, net inflows into gold ETFs have reached Rs 61 billion ($735 million), a significant increase from Rs 15 billion recorded during the corresponding period last year.
Together, these funds have added 9.5 tonnes of gold this year, bringing their total gold holdings to 51.8 tonnes, a 29% increase year-on-year.
In August, India imported about 140 tonnes, worth $10.1 billion, more than three times the previous month, as import duties were cut at the end of July and seasonal demand for gold increased ahead of the festive period.
The Reserve Bank of India bought 10.3 tonnes of gold in the six weeks to September 6, and in the first eight months of the year, the central bank added 50 tonnes of gold, taking its reserves to a record 853.6 tonnes, or 9% of total foreign reserves.
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