Canara Robeco launches new gold fund

New fund to be an open-ended fund of fund scheme

Asset management company Canara Robeco today launched a fund-of-fund scheme called Canara Robeco gold savings fund, where the customers can invest in gold.

The new fund is an open-ended fund-of-fund scheme, which will invest predominantly in units of Canara Robeco gold ETF, the AMC said in a release.

"Given the current global uncertainties, gold is fast becoming an alternate asset with increasing demand from several central bankers and investors globally.

"In the domestic market too, rising investment demand, increased risk aversion and high inflationary conditions favour will gold as a good investment option for the next few years," Canara AMC investment head Ritesh Jain said.

The minimum investment in the fund would be Rs 5,000 and the scheme is open for subscription from today and closes on June 18.

Canara Robeco is a joint venture between state-run Canara Bank and the Holland-based Robeco, which is an asset management specialist.