Assets of gold exchange-traded funds (ETFs) in India increased almost three times in August from a year earlier, The Wall Street Journal reports. The total assets of gold ETFs reached $1.6 billion from $522.2 million a year earlier, as per data from the Association of Mutual Funds in India.

The rise in assets was assisted by an increase in the metal’s price and increased investor appetite due to its safe-haven appeal amid global economic uncertainty. Gold ETFs were first launched in the country in early 2007 and there are 11 of them at present.

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