Kotak Gold ETF lists on NSE

The open-ended Kotak Gold ETF got listed on the NSE yesterday (August 9th 2007) (Read Investing in Gold to get a good idea of investing on gold) and opened at the price of Rs 919, which is also day’s high, against its issue price of Rs 892.15. It touched a low of Rs 880 before closing at Rs 892.15. The total quantity traded was 15,257 units, of which 17 per cent was presented for delivery. The Kotak Gold ETF will invest in gold, engage in gold lending, deposit gold with banks in return for fees to the extent permitted by regulators. The asset base of this open-ended Gold ETF is between Rs 40-42 crore.

Please note that this is the third ETF where the underlying asset is gold that is trading at the National Stock Exchnage. The other schemes traded at the national Stock exchange are UTI GOLD EXCHANGE TRADED FUND (NSE Code - GOLDSHARE) and GOLD BENCHMARK EXCHANGE TRADED SCHEME (GNSE Code - OLDBEES).