Gold News

Gold ETF making tracks

The StreetTracks gold shares ETF registered a gain of 1.4 per cent last week, taking it to an all-time peak of $77.09.

Rising so rapidly, the progress of StreetTracks has allowed the fund to take in and back a record of 597.53 tons of bullion, signaling the growing importance of ETFs on the gold market.

Other commodity ETFs echoed the StreetTracks ascent, with the iPath DJ AIG Commodity ETF 0.5 per cent up at a two week high of $54.58, while the PowerShares DB Commodity Index Tracking Fund also hit an all-time high last week.

Gold prices rising in excess of $790 per ounce are certainly a factor in the increased draw of the funds, which allow investments to track the progress of bullion, but the gold market is also reacting to the new means of investing in the precious metal.

Tonnage growth of the gold held by ETFs continued to rise in October, although at a slower pace, but funds like StreetTracks are allowing more and more people to buy gold, without the requirement of physical bullion delivery.

India last week saw the launch of its fourth gold ETF, from Reliance Mutual Fund, signaling the rise of the funds as a new and popular way to buy gold across various world markets.


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