Gold should form 10-15% of asset allocation: IDBI Mutual
No secular reason why gold prices should declineMUMBAI, DEC. 26:
Gold should form an important part of asset allocation of every investor as it is a meaningful asset option especially in times of uncertainty, a top official of IDBI Asset Management Ltd said.
“Everyone should have a sizeable amount, at least 10-15 per cent holding in gold as a prudent asset diversification strategy,” Mr Debasish Mallick, Managing Director and Chief Executive Officer, told Business Line.
In long-term financial planning, it is prudent to hold various assets and gold should be one of these, he said.
The fund house is the latest entrant to India's growing gold exchange traded fund market.
SAGE HAVEN OPTION
It mobilised Rs 110 crore in the gold ETF new fund offer that it launched during Diwali and has had the highest collection till date, Mr Mallick said.
Gold ETFs in India has seen substantial growth every year as the yellow metal has proved itself as a safe haven investment option.
“Gold ETF is the best buy option instead of physical gold. There is no wealth tax, you can sell anytime,” Mr Prithviraj Kothari, President, Bombay Bullion Association, said. According to him, it is a safe method of holding gold.
While Mr Mallick declined from making any gold price projection, he said, the global macro-economic situation remains uncertain. The yellow metal is seen as a safe haven asset and a hedge against inflation...
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