• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest
• The New Manager

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Namrata Gada

One unit represents price of approximately one gram of gold

OPENING CEREMONY: Mr U.K. Sinha Chairman and Managing Director, UTI Asset Management Company Pvt Ltd, with Mr A.K. Khandelwal, Chairman and Managing Director, Bank of Baroda, and Ms Chitra Ramkrishna, Deputy Managing Director, NSE, at the listing ceremony of UTI Gold Exchange Traded Fund on the NSE in Mumbai on Tuesday. - Paul Noronha

Mumbai April 17 The units of UTI Mutual Fund's Gold Exchange Traded Fund, UTI `Goldshare', marked their debut on the NSE on Tuesday at Rs 950.

One unit traded at the exchange indicates the price of approximately one gram of gold. The fund was traded at an intra-day high at Rs 1,000 and saw a low at Rs 938.10. The fund closed below its open price at Rs 939.84.

The Gold ETF from Benchmark AMC, `Gold BeES' closed higher than UTI's Gold ETF at Rs 943.37 on Tuesday.

Total of 61,800 shares were traded on the NSE.

Performance of Gold BeES

Gold BeES - Benchmark AMC's gold ETF, was the first gold ETF listed on the stock exchange. A comparative study on the last traded price of Gold BeES on the NSE and the domestic price of gold in Mumbai shows the closing price of Gold BeES has been at a premium to the domestic price of gold.

The primary investment objective of Gold BeES was to provide returns that, before expenses, closely correspond to the market price of gold.

The closing price of Gold BeES on the NSE on March 20 for 10 gm approximately was Rs 9,478, while the domestic price of gold quoted at Rs 9,325 per 10 gm.

Similarly, at the end of the first week of listing, the ETF's value on the exchange was Rs 9,471.8 while the domestic price was Rs 9,385.

Yesterday, the value for Gold BeES at closing price was Rs 9,494.1 for 10 gm of gold and the domestic market prices stand at Rs 9,405.

The highest traded value for the ETF since listing has been Rs 1,105 for one unit and the low has been Rs 930.

Also, the value of Gold BeES units on the NSE has been in line with the domestic prices of gold.

Whenever, the domestic prices of gold have risen or fallen down, the value of Gold BeES has tracked the same.

Currently, UTI AMC and Benchmark AMC are the two fund houses whose Gold ETF have been listed on the stock exchange, while Reliance MF, Kotak MF, Escorts MF, Birla MF are among the other fund houses to have filed their offer documents with SEBI for Gold ETF.

More Stories on : New Fund Offer | Gold & Silver

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
IOB gets RBI nod for financial services arm

Copyright © 2007, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line