Gold ETFs may remain under pressure

Gold exchange-traded funds are likely to come under renewed pressure due to weak yellow metal prices. Spot gold dropped to its lowest since December 1 at $1,155.60 an ounce in early trade on Tuesday but bounced back to $1,166 at 8.30 pm IST. Already gold ETFs are facing redemption pressure. According to Value Research, a fund-tracking firm, gold funds are the worst performers with a return of negative 13.45 per cent in the last one year.