Gold exchange traded funds (ETFs) have lost favour among investors as mutual fund managers pulled out nearly Rs 1,500 crore from these products in 2014-15 due to poor returns offered by such schemes.
This was the second consecutive yearly outflow from such funds.
According to the latest data available with Association of Mutual Funds in India (AMFI), gold ETFs witnessed an outflow of Rs 1,475 crore last fiscal as compared to a withdrawal of Rs 2,293 crore by MF managers in 2013-14.
Currently, the mutual fund sector has 14 gold-based schemes with a total asset base of Rs 6,655 crore. The asset base stood at about Rs 8,676 crore at the end of March 2014.
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