CURRENT AFFAIRS

Detailed explanation-1: -Asset management company Edelweiss AMC has launched India’s first fund to invest in both precious metals- gold and silver. The NFO opened on 24th August and will close on 07th September. The mutual fund will be a good inflation hedge and provide exposure to the two main precious metals.

Detailed explanation-2: -Edelweiss Gold & Silver ETF was the first such scheme in India. It was launched in August. Motilal Oswal Mutual Fund has also joined the party.

Detailed explanation-3: -Silver-based mutual funds were initially introduced in January of this year, while India’s first gold fund, Nippon India ETF Gold BeES, was released in March 2007.

Detailed explanation-4: -A history of the birth of the first gold ETFs was published by the London Bullion Market Association in 2021. On November 18, 2004, State Street Corporation launched SPDR Gold Shares (NYSE: GLD), which surpassed $1 billion in assets within its first three trading days.

Detailed explanation-5: -The Mutual Fund industry in India started in 1963 with formation of UTI in 1963 by an Act of Parliament and functioned under the Regulatory and administrative control of the Reserve Bank of India (RBI).