Despite the decline, the asset under management (AUM) of gold funds rose 5 per cent to Rs 32,789 crore at April-end from Rs 31,224 crore in the preceding month, according to the data with the Association of Mutual Funds in India (Amfi).
As per the data, Gold ETFs saw a net withdrawal of Rs 396 crore in April as compared to an inflow of Rs 373 crore in the preceding month.
The last time this asset class witnessed net outflow was in March 2023, withdrawing Rs 266 crore.
"In INR terms, gold has done fairly well over the last year but dwarfs in comparison to how equities have fared. Given this backdrop, flows in the Gold ETF category have been somewhat patchy relative to the equity asset class. That said, investors could have opted to book some profits in this segment which has resulted in the asset class witnessing net outflows despite the rise in prices," Melvyn Santarita, Analyst, Morningstar Investment Research India, said.
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