India's purchase of paper gold doubled last year as corporates and SMEs, seeking a safe haven for their investments, invested heavily in gold exchange-traded funds (ETFs), a traditional favourite of wealthy individuals and households. Companies now account for nearly 50% of all ETF purchases in the country and SMEs, too have climbed on to the bullion bandwagon. "The gold collections of ETFs have risen from 15 tonnes in 2010 to 30 tonnes in 2011. The number of corporate portfolios under ETFs has also increased to 5,599 in 2011 as against 3,310 in 2010. For the first time, small and medium enterprises (SMEs) have invested in large numbers,'' said Amit Mitra, managing director of Middle East and India region at industry body World Gold Council.
Source: Economic Times
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