ETF assets top record Rs 10,000 cr in April

Assets in bullion-backed funds in India, the biggest gold user, exceeded a record Rs 10,000 crore in April as investors bought the metal for a haven and to diversify away from stocks.

Gold exchange-traded funds, or ETFs, had Rs 10,220 crore ($1.9 billion) as of April 30, more than double the Rs 4,800 crore a year ago and up from Rs 9,890 crore in March, the Association of Mutual Funds in India said on its website on May 11.

Holdings in bullion ETFs globally were 2,383.395 tonnes on May 11, the highest level this month, data tracked by Bloomberg show.