Gold ETFs see first outflows in eight months, Rs 61.5 cr pulled out in July

Investors to shift money to other asset classes as prices of the yellow metal weaken

Investors have pulled out money from gold exchange traded funds (ETFs) after the gap of eight months amid renewed optimism over the economic recovery and improvement in vaccination rate. Fall of gold prices in the last few months have also fueled investors to look at other asset classes such as debt and equity funds.

Data from Association of Mutual Funds in India (Amfi) shows that Gold ETFs saw net outflows of Rs 61.5 crore in July. Last time gold ETFs had seen net outflows was in November 2020.

In the period between December and June, investors pumped in Rs 3,537