HDFC Mutual Fund launches Gold Fund

Country's largest fund house HDFC Mutual Fund on Friday launched HDFC Gold Fund, which will enable investors to put money systematically in gold.

HDFC Gold Fund (HGF), an open ended Fund-of-Funds scheme, would enable investors to invest systematically in gold, hedge their risks against market volatility and to effectively diversify their portfolio, it said in a statement.

The new fund offer (NFO), which opened on Friday, will close on October 21. A Fund-of-Funds (FoF) scheme usually invests in other schemes of the mutual fund.

Gold FoFs enables the investors to invest through a single investment or through Systematic Investment Plan (SIP).

The minimum denomination of investment is Rs 100, the statement added.

The corpus collected through the NFO would be invested in HDFC GETF (HDFC Gold ETF) to seek capital appreciation.

As at the end of September quarter, HDFC MF managed average assets worth Rs 91,827.11 crore.