India's gold ETFs fall to 116.3 tons after $61 million outflow
Business
For the first time in a year, India's gold ETFs saw money flow out in May as investors grabbed profits after gold prices jumped.
The World Gold Council says $61 million left these funds, dropping total holdings to 116.3 tons.
India duty hike lifts gold prices
Gold prices hit a two-month high (₹164,497 per 10gm) after India bumped up import duties from 6% to 15% on May 13, aiming to curb overseas purchases and ease pressure on foreign exchange reserves.
Even with this blip, gold ETFs have pulled in $3.48 billion this year, and fewer physical imports could help ease the country's trade deficit and boost the rupee.