IDBI Mutual fund plans to launch a gold fund of funds — the IDBI Gold Fund making it 25th gold fund product in the industry (including ETFs). It is also the 12th gold fund of funds product. The new fund offer for the product will open on July 25 and close on August 8.
“This open-ended Fund of Funds scheme will invest predominantly in physical gold by investing exclusively in IDBI Gold Exchange Traded Fund, which tracks the price of gold,” said Mr Debasish Mallick, Managing Director and Chief Executive Officer.
IDBI MF launched its gold ETF in November 2011.