NSEL posts record increase in e-gold turnover

Business Line, 19/8/2011

source: http://www.thehindubusinessline.com/markets/gold/article2373080.ece

Commodity spot exchange National Spot Exchange (NSEL) has witnessed a record increase in turnover of “e-gold” during the first four months of the current financial year.

Average monthly turnover of e-gold increased to Rs 3,082.60 crore in the first four months of FY’12 as compared to Rs 436.89 crore in the corresponding period of last fiscal, NSEL Managing Director and CEO, Mr Anjani Sinha told a press conference here today.

In the first eight months of the current calendar year, turnover of e-gold has risen by 60 per cent — from Rs 2,377 crore in January 2011 to Rs 3,823.63 crore in August till now, he said.

The Financial Technologies (FTIL)-promoted NSEL also recorded the highest daily (single day) turnover of Rs 359.67 crore for 2011 in e—gold on August 16, and a record delivery of 1,29,967 units on August 11, 2011, he stated.

NSEL launched e-series products, starting with gold, in March 2010 to meet the growing demand among retail investors to invest part of their savings in commodities, he said. The exchange added e-silver in April, copper in November and e-zinc in January 2011.

The ongoing bull run in gold is further boosting demand for e-gold, which has become a preferred investment avenue for retail investors because of the ease and security it offers, and also because it has given better returns than other investment products in the yellow metal, Mr Sinha said.

Since its launch, e-gold has given a return of 57.58 per cent, which was the highest compared to all other forms of investments in the precious metal, he said.

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