The auspicious day of Akshaya Tritiya saw trading volumes spurt on both the exchanges
Mumbai: Gold ETFs witnessed a jump in trading volumes on NSE and BSE on the day of Akshaya Tritiya as investors flocked to buy gold on the bourses. Both the exchanges had waived off any transaction charges and extended trading hours till 9 pm to woo investors.
The largest gold ETF by assets under management Benchmark Gold BeEs recorded trading worth Rs 65 crore on BSE. Its price touched a new high of Rs 2152 on BSE by gaining 0.53 percent. On May 5,2011 the turnover stood at Rs 4 crore.
On NSE, Gold BeEs recorded Rs 240 crore turn over with more than 11 lakh trades being executed compared to Rs 79 crore turn over on May 5.
The NSE recorded a higher turn over this year at Rs 395 crore while BSE saw Rs 85 crore worth trading. During last year’s Akashya Trititya on May 16, 2010, NSE had recorded Rs 172 crore in gold ETFs.
There are nine gold ETFs listed on the exchanges. Recently fund houses like Reliance, Kotak, Birla Sun Life and Quantum have launched gold ETFs and gold fund of funds. Meanwhile, HDFC has also filed offer document with SEBI to launch a gold fund.
“This year, the prices of gold went down marginally which helped boost volumes. The volumes would be normal from tomorrow,” said Rajan Mehta, Executive Director, Benchmark Mutual Fund.
Despite the heavy buying activity, gold prices slipped Rs 225 to Rs 22,120 per 10 grams on May 6.
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