Indian Funds Halt Gold ETF Bulk Buys
Major Indian mutual funds suspended bulk subscriptions to gold exchange traded funds prior to the festive season. The precautionary move follows discussions with the market regulator to curb demand.
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Several large asset managers in India suspended bulk subscriptions to gold ETFs late Thursday afternoon, ahead of the peak festive demand season.
The coordinated move by major houses including Kotak Mahindra Mutual Fund, UTI Mutual Fund, and HDFC Mutual Fund follows an informal nudge from the market regulator. Redemptions from the funds remain unrestricted.
