“A COMPARATIVE ANALYSIS BETWEEN TRADITIONAL & NONTRADITIONAL INVESTMENT IN GOLD IN AHMEDABAD CITY.”

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“A COMPARATIVE ANALYSIS BETWEEN TRADITIONAL & NON-
TRADITIONAL INVESTMENT IN GOLD IN AHMEDABAD CITY.”
Submitted to
Gujarat University for the degree of
Master in Commerce
Faculty: Commerce
Subject: Accounts & Finance
By
Miss. Soni Himani Dilipbhai
Shree Narayana College Of Commerce
College Seat No. 268 Year. 2015-16
Exam Seat No.______ Year . 2015-16
Under the guidance of
Prof: CA. Kabir A. Mansuri
Post Graduation Centre
Shree Narayana College Of Commerce
Nr. ISRO, Jodhpur Tekra, Ahmedabad – 380015

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Declaration
I the undersigned SONI HIMANI DILIPBHAI, here by, declare that this project work
entitled “A COMPARATIVE ANALYSIS BETWEEN TRADITIONAL & NON-
TRADITIONAL INVESTMENT IN GOLD IN AHMEDABAD CITY.” is a result
of my own research work and has not been previously submitted to any other University
for any other examination.
I hereby further declare that all information of this document has been obtained and
presented in accordance with academic rules and ethical conduct.
College Seat No. 268 Year.2015-16
Exam Seat No. Year.2015-16
Date Name & Signature
Himani D. Soni
Place: Ahmedabad

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CERTIFICATE
This is to certify that the dissertation entitled, “A COMPARATIVE ANALYSIS
BETWEEN TRADITIONAL & NON-TRADITIONAL INVESTMENT IN GOLD
IN AHMEDABAD CITY.” submitted to Gujarat University, Ahmedabad by Himani
D. Soni for the degree for Masters of Commerce (M.com sem 4) is based on the
research work carried out by her under my guidance and supervision.
To the best of my knowledge and belief, it has not been submitted to any other
university or this university for the any type of degree.
Research Guide: Date of submission:
Prof: CA. Kabir A. Mansuri
SNCC
Principal :
Dr. Kauangal Jignesh
SNCC
Stamp of the Institute with date

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ACKNOWLEDGEMENT
I take this opportunity to express a deep sense of gratitude to Principal Dr. Kauangal
Jignesh, Shree Narayana College of Commerce for his cordial support, valuable
information and guidance, which helped me in completing this task through various
stages.
The blessing, help and guidance given time to time shall carry me a long way in the
journey of life on which I am about to embark. Thus, I take this opportunity to express
my profound gratitude and deep regard to my guide Prof. CA Kabir A. Mansuri, Shree
Narayana College of Commerce for his exemplary guidance, monitoring and constant
encouragement throughout the course of this project.
I am thankful to the GOD, the almighty and my parents for their constant
encouragement without which this assignment would not be possible.
SONI HIMANI DILIPBHAI

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INDEX
CHAP.
NO.
PARTICULARS PAGE.
NO.
1. INTRODUCTION 01-13
1.1 Introduction of Gold Industry 01
1.2 Traditional Gold Investment 03
1.3 Non-traditional Gold Investment 03
1.4 Factors affecting Gold Investment 04
2. LITERATURE REVIEW - CURRENT SCENARIO 14-74
2.1 Study related to Gold 14
2.2 Study related to Traditional Gold Investment 15
2.3 Study related to Non-traditional Gold Investment 18
2.4 Study related to Investor’s Perception 28
3. RESEARCH AND METHODOLOGY 75-83
3.1 Objective Of Project 76
3.2 Hypothesis 77
3.3 Scope of Study 78
3.4 Sample – Data Collection (50) 80
3.5 Limitations of study
3.6 Significance of Study
4. DATA ANALYSIS AND INTERPRETATION 85-89
4.1 Data Presentation 86
4.2 Data Analysis & Interpretation 88
5. CONCLUSION & SUGGESTION 91-92
5.1 Findings 92
5.2 Conclusion 93
5.3 Suggestion
6. REFERENCES & BIBLOGRAPHY
7. APPENDIX
Non-traditional Gold Investment Market

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HISTORY OF GOLD –
Gold has been a fundamental part of human history and is seemingly deeply ingrained in our
culture.
When you look at the history of gold you can go as far back as 564 BC when King Croesus
found the the right refining techniques to mint the world’s first standardized gold currency. The
precious metal has even been used in outer space, when the first manned space flight in 1961
used gold to protect sensitive instruments from radiation damage.
From the early coins known as Croesids (after King Croesus) which became universally accepted
and traded with confidence, gold has continued throughout history to be a recognized form of
currency.
One of the earliest forms of jewelry can be traced back to 2600 BC, when the goldsmiths of
Mesopotamia crafted a burial headdress which had willow leaf-shaped gold pendants. One
thousand years later and the Egyptian goldsmiths carried out the first smelting of gold, although
a much earlier example of fine craftsmanship was achieved when the iconic funeral mask for
Tutankhamun was created in 1223 BC.
It was in 1300 that the world’s first hallmarking system was introduced at Goldsmith’s Hall in
London and in fact, where the London Assay office is still situated. Seventy years later, we
witnessed what is known as the Great Bullion Famine, where various major mines exhausted
supplies and mining and production of gold decline sharply, created a major shortage of supply.
California witnessed a gold rush in 1848 after John Marshall discovered gold flakes at this
sawmill near Sacramento, resulting in about 40,000 diggers converging on the area to try and
strike gold for themselves.
Just 37 years later in 1885, the South African gold rush begun after an Australian miner called
George Harrison fund gold ore near Johannesburg. The country is the source of about 40% of the
world’s gold.

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Gold bullion has always played a pivotal role in economic policy and in the past we have had the
Gold Standard, which linked the currencies of many major countries to gold. The Gold Standard
was abandoned as President Nixon introduced the Bretton Woods System which is a system of
floating exchange rates, still used by markets today.
This has not deterred investors from gold in any way and the Central Bank Gold Agreement
signed in 1999 confirmed this, when 15 European Central Banks declared that gold would
remain an important element of their reserves.

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Traditional Gold Investment Market
Gold has long been revered as a symbol of wealth and prosperity and it has an intrinsic value as
well as being used as a currency as a method of supporting the flat money of various countries
when people lose faith in that nation’s paper currency.
Gold is primarily viewed and used as an investment and also enjoys enduring popularity through
the jewelry created with the precious metal. It is also used in some industrial applications such as
a component in computers

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Non-traditional Gold Investment
Exchange-traded funds
It could be argued that gold ETF’s are not technically funds, due to the fact that they follow a
single security.
The purpose of an ETF is to track the gold price via the stock exchange and you can speculate
whether the price is going to rise or fall and profit or lose according to how right your opinion
was in a specific period of time.
Gold Mutual funds
If you are reluctant to invest directly in specific stocks or feel that you do not have the required
market knowledge to choose the right portfolio, it may be that investing in a gold mutual fund is
the right choice for you.
Investing in a gold mutual fund will give you exposure to a chosen portfolio of gold stocks that
will often comprise of some senior gold stocks,which is the description given to a large well-
capitalized company with a proven and profitable track record over a number of years.
This type of investment is often considered to be a more conservative approach to gaining some
exposure to gold in your investment portfolio and should prove less volatile.
Many experienced investors still take the view that investing in gold through ownership of gold
mining stocks or mutual funds, as well as buying gold bullion too, provides them with a direct
counter to the performance of the dollar.
Gold Fund
Gold fund, as the name suggests, invests in various forms of gold. It can be in the form of
physical gold or stocks of gold mining companies. Gold funds which invest in physical gold

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offer investors the convenience of buying pure gold at low cost. There is no possibility of theft
and you can sell these units at market linked prices anytime.
Gold Certificate
A physical document resembling a paper bank note that entitles the holder to a specified
value of gold. Because gold bullion is difficult to transfer and store, gold certificates
facilitated the ownership and use of gold when it was legal currency. Gold certificates were
in general circulation in the United States and used as money from 1882 to 1933.

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Factors Regularly Influence Gold Prices
Gold is used as a standard of value for currencies all over the world. The price of gold gets stated
as a currency value, often in U.S. dollars, and the price of gold can fluctuate with market
conditions. What influences the price of gold in the current marketplace? Below are ten
significant influences on gold price fluctuations that any investor with an interest in gold trading
should understand.
1. Global Crisis
Because gold prices tend to rise when people lack confidence in governments or financial
markets, it often gets called a crisis commodity. World events often have an impact on the price
of gold because gold is viewed as a source of safety amid economic or geopolitical tumult. For
example, the price of gold spiked right after the Russians moved into the Ukraine as people
became uncertain about geopolitical stability in the region. In other cases, military action may
actually increase reassurance with geopolitical situations. For example, the gold price softened at
the beginning of Gulf War I. The bottom line is that political chaos equates to more interest in
gold as a safe haven.
2. Inflation
A common reason cited for holding gold is as a hedge against inflation and currency devaluation.
Currency values fluctuate, but gold values, in terms of what an ounce of gold can buy, might stay
more stable in the long term. Because gold holds value outside of politics—it is valued the world
over—gold is attractive as a low-risk, solid investment in the midst of floundering currencies.
Investors may feel encouraged to buy gold when they believe the value of their paper money will
decline.
3. Value of the U.S. Dollar
The U.S. dollar is still the world’s dominant reserve currency, making it one of the main
currencies that different countries hold for international trades. The price of gold and the strength
of the dollar have a pretty clear inverse relationship; when the dollar is strong, gold is weaker,
and vice versa. For example, between September 1 and September 10 of 2014, the U.S. dollar
index rose by almost 2 points, and this softened the market for those selling gold. On the other
hand, people buying gold may see a strong dollar as a buying opportunity, and that could provide
some price support.

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4. Central Bank Instability
In the U.S., the Federal Reserve is the central bank. Most countries have central banks, and
other dominant ones include the European Central Bank, the Bank of Japan, and the Swiss
National Bank. Bank failures and irregular economic policies make buying gold seem like a safe
haven investment. Once again, people flock to gold when the current paper money system
experiences uncertainty. Some investors prefer the physical and tangible security of holding gold
when central banks are going through deficits as a protection of wealth. In turn, an increased
demand drives up the value of gold even more.
5. Interest Rates
Gold does not pay interest like treasury bonds or savings accounts, but current gold prices often
reflect increases and declines in interest rates. As interest rates increase, gold prices may soften
as people sell gold to free up funds for other investment opportunities. As interest rates decrease,
the gold pri ce may increase again because there is a lower opportunity cost to holding
gold when compared to other investments. Low interest rates equate with greater attraction to
gold.
6. Quantitative Easing
Quantitative easing, or QE, refers to a central bank strategy of buying securities in order to
increase the money supply. By flooding financial institutions with money, a central bank, like the
Federal Reserve, hopes to encourage banks to loan more money and increase the supply of
money. Other central banks that have employed this strategy include the Bank of England, the
Bank of Japan, and the European Central Bank.
A larger money supply pushes interest rates down, which could encourage investors to buy gold
because of the lower opportunity cost. When overdone, this tactic this can trigger inflation,
another signal of a rising price of gold. The Fed actually announced that they had stopped QE
on October 29th of 2014, and this may put some downward pressure on gold prices if interest
rates rise and inflation slows, yet it could also be an opportune time to take advantage of lower
gold prices.
7. Government Reserves
Central banks, like the U.S. Federal Reserve, hold both gold and paper currency in reserve. In
fact, the United States and several European countries hold the bulk of their reserves in gold, and

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they have been buying more gold for these reserves recently. Other countries that hold gold
include France, Germany, Italy, Greece, and Portugal. When these central banks start to buy gold
in greater quantities than they sell, it drives gold prices up. This is because the supply of
currency increases and available gold becomes more scarce.
8. Jewelry and Industry
Gold is not just valuable as a hedge fund and a safe haven investment; gold is also used in
jewelry and industry. Over half of gold demand is from jewelry, and China, India, and the United
States are three countries with the biggest demands. In some parts of India, gold is still regarded
as a type of currency, a display of wealth, an important gift, and a hedge against bad times. This
demand drives the price of gold in India up. Gold, both the color and the precious metal, is a
symbol of opulence in China, and a booming Chinese economy means that more people have
money to spend on China gold.
Besides jewelry, another twelve percent of gold demand is generated from industrial
applications. Manufacturers use gold in all sorts of electronic devices, from computers to GPS
systems, and medical devices like heart stints.
9. Gold Production
Only about 2,500 metric tons of gold get produced each year, compared to an estimated 165,000
metric tons in the entire world’s gold supply. To visualize this, imagine all of the gold in the
world filling up three-and-a-half Olympic-sized swimming pools, and this year’s production
forming a cube that is only about 16 square feet.
Even though new production might seem modest compared to the total supply, production costs
can influence the cost of all gold in the world. When production costs rise, miners sell gold for
more money to preserve their profits, and those higher costs also get reflected when it comes
time to sell coins if they were minted from gold that was originally mined yesterday or thousands
of years ago.
10. Supply vs. Demand
Archeologists claim that people have been mining and coveting gold for at least 5,000 years, and
this precious metal is likely to remain precious even if the price fluctuates often. If you plan to
buy gold, you need to understand that the price is impacted by production costs, money supply,

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comfort or discomfort with financial or geopolitical stability, the demand generated by jewelry
and industry, and actions taken by central banks. In other words, gold is a finite resource and
when global economic conditions make gold more attractive, gold demand increases, making the
price of gold rise. But the actual value of gold remains fairly stable in the long run, and the price
could simply reflect temporary uncertainty or simple currency fluctuations.

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LITERATURE REVIEW - CURRENT SCENARIO
Study related to Gold
Large number of studies on the investors’ perceptions about investment in gold has been carried out
during the past decades. Some of the reviews about investment in gold are summarized below:
1. (klein, 2008) Ratner and klein (2008) in their study examined the value of holding gold to US
investors from 1975 – 2005 and concluded that there is some material benefit to investing in gold
over the long term.
2. (Dr Jalpa thakkar) Dr Jalpa thakkar,sheenamgogia and vatsalia manjunathan in their article
“An Empirical study on Gold Investment Range Among Professionals “published in international
journal of research and management pointed out that different avenues of gold investment
available in the market and also tried to find out the awareness and attitude towards the
alternative methods of gold investment among the selected investors in the pune region.
3. (Nawaz, 2013) Dr M Nishad Nawaz (June2013) in his article “Study on various forms of gold
investment” He highlighted the need for encouraging investment in new gold alternatives. He
ensure that gold becomes tradable and generates revenue rather than lying idle as a dead
investment.
4. (etal, 2006) Hiller etal (2006) in his article he analysed the roles of gold, silver and platinum in
the capital market and also found that portfolios which contain precious metals perform better
than standard equity portfolio
Study related to Traditional Gold Investment
5. "The decision in investing in gold was influenced by both financial and demographic
factors. Agarwala and Barman(2014) stated that in case of investment in gold, different
communities reacted in different manner and took their decision towards investment in
gold. Marwari bus (Barman, 2014)inessmen were very much associated with gold. "
Study related to Non-traditional Gold Investment
6. (and & Matloobullahkhan, 2013) Mohdsaleem and; Matloobullahkhan (2013) in their article
“The overview of gold ETFS and its various positive features “Published in the International
Journal of Marketing, Financial services and Management Research they tries to explain
comparative study of Gold ETFSs v/s Physical gold and it also give focus on Gold ETFs as a
strong and attractive investment option for the investor. Gold ETFs gives extra leverage to its
users in terms of the profit.

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Objective of Project
The objectives of the study are:
 My project topic focuses on gold be it the factors which moves the gold prices or gold as
an investment option.
 To study the factors influencing the choice of investment in gold,
 To study the attitude of investors towards investment in gold,
 To identify the reasons for investment in gold,
 To study about the various options available to investor while investing in gold.
 To find out the awareness level of investors regarding Gold Investment.

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Hypothesis:
Based on the above objectives the following hypotheses were formulated:
 There are no significant differences between the opinions of the investor with regard to
the factors affecting the choice of investment in gold.
 Investment decision is not influenced by the attitude of the investor.

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Scope of the Study:
The study on Gold as an investment option is conducted to know the various methods of
investment options available in Indis and also the factors affecting the investment decision of
the investor. Today gold are becoming attractive avenue in capital market. The price of the gold
is determined by several factors like demand, supply...etc. In this context the perception of
investor towards investment in gold is highly significant.

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Sample – Data Collection (50)
In order to reach the objectives, empirical research was conducted using questionnaires.
The survey was conducted among 50 investors in the Ahmedabad region. All the
questions were closed ended with most of them with multiple choices. None of the
questions were compulsory for the respondents.

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Limitations of study:~
1. Gold Jewellery:
It is really bad idea buying gold jewellery as an investment. When we buy
jewellery we tend to pay making charges and wastage charges for the jeweler.
Based on the design the charges are increased. 22 karat is used in making
jewellery and when you sell the jeweller does not consider the making charge
or wastage.
2. Gold Coin:
Investing in gold coins and bars, means each time you need to sell, you get a
lesser amount. Also, banks do not buyback the gold coins and bars sold.
3. Gold ETF :
Gold ETFs may be slightly more expensive than physical gold because of the
management fees charged by the respective fund house. Also, one has to
incur brokerage which could increase the price of a unit of the ETF.
4. No regular Income:
Gold is an asset which does not provide any regular income, where as any
investment made in mutual funds, real estate and stocks would generate
dividends and rents.
5. Storage issue:
If you believe in physical gold, storage is the biggest issue. If you place your
jewellery and coins in a bank locker one needs to rush each time when
needed. Moreover, one needs to pay the locker maintenance charges each
year. If one go for bank deposits one gets the recent returns based on the
tenure.
6. Liquidity :
Indians have a emotional attachment with ornaments, at the time of need,
these sentiment act as a hindrance. This fails the main motive of buying gold
to use it at the time of uncertainties.
Scope of the Study:

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The study on Gold as an investment option is conducted to know the various methods of
investment options available in Indis and also the factors affecting the investment decision of
the investor. Today gold are becoming attractive avenue in capital market. The price of the
gold is determined by several factors like demand, supply...etc. In this context the perception
of investor towards investment in gold is highly significant.

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DATA ANALYSIS AND INTERPRETATION:~
The following pie-chart shows the sample size of a A
COMPARATIVE ANALYSIS BETWEEN TRADITIONAL & NON-
TRADITIONAL INVESTMENT IN GOLD IN AHMEDABAD CITY.

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The following pie-chart shows the Age of Male & Females “A
COMPARATIVE ANALYSIS BETWEEN TRADITIONAL & NON-
TRADITIONAL INVESTMENT IN GOLD IN AHMEDABAD CITY.”
In above Sample there are mostly 20-40 year peoples are invested in gold
Investment.
20-40 27
41-60 22
61 above 1

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TYPE OF INVESTMENTS
Male Female
Traditional Investment 16 15
Non-traditional Investment 4 00
Both 05 02
Male & female are Mostly preferred traditional Gold Investments. Females are not preferred Non-
Traditional Gold Investments. Where Traditional & Non-traditional gold Investment there are few
peoples are interested.

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INVESTING IN TRADITIONAL GOLD INVESTMENTS
MALE FEMALE
Hard Gold- Coin/Bars 04 01
Pure gold Jwellary 17 15
Multi metal Ornaments 04 01
In traditional gold Investments mostly peoples are invested in pure Gold Jwellary. And few peoples are
invested in Hard Gold-Coins/Bars & Multi-metal Ornaments.

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INVESTING IN NON TRADITIONAL INVESTMENTS
Male Female
Gold ETF 04 00
Gold funds 00 00
Eq. based gold funds 03 00
Gold deposit Bonds 01 00
Gold Deposit cer. 01 02
If, investors are invested in Non-traditional Gold investment than they are mostly
invested in Gold ETF.

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TIME PERIOD OF INVESTING IN TRADITIONAL GOLD
INVESTMENTS
Male female
1 year 01 01
2 years 03 02
3 years 07 05
More than 3 years 10 09
In, traditional investments most of peoples are invested in gold more than 3 years.

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TIME PERIOD OF INVESTING IN NON-TRADITIONAL GOLD
INVESTMENTS
Male Female
1 year 00 01
2 year 01 01
3 year 03 00
More than 3 years 05 00
Most of people are INVESTING IN NON-TRADITIONAL GOLD
INVESTMENTS more than 3 years.

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INVESTMENT IN GOLD INVESTMENTS
Male Female
Less than 20% 04 02
25-50% 15 20
50-75% 05 03
More than 75% 01 00
In gold investment Peoples are invested 25-50% income of his/her savings.

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PURPOSE OF INVESTING IN TRADITIONAL & NON-TRADITONAL
GOLD INVESTMENT
Male Female
Protection 17 00
Return on 20% 02 01
Return up to 2o-50% 10 03
In gold investment 17 out of 50 peoples are invested his/her saving in gold for
protection for negative events & 13 out of 50 peoples are invested to get return
upto 20-50%.

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REASON OF INVESTING IN TRADITIONAL & NON-TRADITIONAL
GOLD INVESTMENT.
In gold investment 27 out of 50 peoples are investes for saving purpose.
And 16 out of 50 peoples are invested for get high return on investment purpose,
where 5 peoples are invested his savings for speculation purpose.
Male Female
Saving 26 01
Get high return 15 01
Speculation 05 00

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FINDINGS
1. Traditional Gold investment is the most preferred as compared to Non-traditional Gold
Investment.
2. Among the different Gold Investment options, physical gold is mostly preferred by the
respondents secondly by Gold coins/bars and then Gold ETFs and Gold funds.
3. Most respondents are willing to make investment in traditional gold investment because it is more
valuable than Non-financial gold investment and comparatively more secure.
4. Family members and friends play a key role in the traditional gold investment decision of the
respondents followed by journals, media and magazines/newspapers.
5. Respondents are of the opinion that Physical gold which stays in house is more risky than the
Valuables which are in the bank or investment company

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CONCLUSION
The research gives better understanding of investor’s attitude and awareness regarding gold
investment decisions and shows where currently physical gold’s position among the other gold
investment instruments is. Investors go through a information search and market analysis before
making the gold investment decision. Research showed that gold is already known and valued by
the people for its return and long tradition and all the respondents mostly have investment in gold
or plan to buy more gold. Research also throws light on the lack of awareness about the new
trends in gold investment alternatives i.e. Gold ETF, E-Gold and Gold Funds.

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REFERENCES
http://alternativeinvestmentcoach.com/commodities/gold
http://www.sbcgold.com/blog/10-factors-regularly-influence-gold-prices
http://www.goodreturns.in/personal-finance/spending/2015/04/5-major-
disadvantages-investing-gold-350964.html
http://www.nseindia.com/products/content/equities/etfs/gold.htm
http://www.fundsindia.com/products/mutual-fund/category/Gold-
funds?ccode=20
https://www.sbimf.com/SBI_Gold_Fund

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BIBLIOGRAPHY
Works Cited
and, M., & Matloobullahkhan. (2013). The overview of Gold ETFs and its various positive features.
International Journal Of Marketing.
Barman, A. a. (2014).
Dr Jalpa thakkar, s. a. (n.d.). An Empirial study on Gold Investment Range Among Professionals.
etal, H. (2006).
klein, R. a. (2008).
Nawaz, D. M. (2013). Study on various Forms of Gold investments.
Bibliography
and, M., & Matloobullahkhan. (2013). The overview of Gold ETFs and its various positive features.
International Journal Of Marketing.
Barman, A. a. (2014).
Dr Jalpa thakkar, s. a. (n.d.). An Empirial study on Gold Investment Range Among Professionals.
etal, H. (2006).
klein, R. a. (2008).
Nawaz, D. M. (2013). Study on various Forms of Gold investments.

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APPENDIX
Non-traditional Gold Investment Market
ListofGoldFunds
Scheme Sector Type Min.
Invest(Rs.)
NAV(Rs.) VRO
Rating
Exp.
Ratio(%)
SIP Min.
Inv.(Rs.)
Invest
Quantum
Gold Saving
Fund(G)
Gold Open
ended
500.00 12.26 0.25 500.0 Invest
Reliance
Gold
Savings
Fund(G)
Gold Open
ended
5,000.00 12.82 0.69 1000.0 Invest
Reliance
Gold
Savings
Fund(D)
Gold Open
ended
5,000.00 12.82 0.69 1000.0 Invest
Kotak Gold
Fund(G)
Gold Open
ended
5,000.00 12.62 0.77 1000.0 Invest
Kotak Gold
Fund(D)
Gold Open
ended
5,000.00 12.62 0.77 1000.0 Invest
Religare
Invesco
Gold
Fund(G)
Gold Open
ended
5,000.00 9.26 0.5 -SIP
N/A-
Invest
Religare
Invesco
Gold
Fund(D)
Gold Open
ended
5,000.00 9.26 0.5 -SIP
N/A-
Invest
SBI Gold-
Reg(G)
Gold Open
ended
5,000.00 9.66 0.45 1000.0 Invest
SBI Gold-
Reg(D)
Gold Open
ended
5,000.00 9.66 0.45 1000.0 Invest

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ICICI Pru
Regular
Gold
Savings
Fund(G)
Gold Open
ended
5,000.00 10.26 0.49 1000.0 Invest
ICICI Pru
Regular
Gold
Savings
Fund(D)
Gold Open
ended
5,000.00 10.26 0.49 1000.0 Invest
Axis Gold
Fund(G)
Gold Open
ended
5,000.00 9.75 1.99 1000.0 Invest
Axis Gold
Fund(D)
Gold Open
ended
5,000.00 9.76 1.99 500.0 Invest
HDFC
Gold
Fund(G)
Gold Open
ended
5,000.00 9.93 0.5 1000.0 Invest
Birla SL
Gold
Fund(G)
Gold Open
ended
5,000.00 9.77 0.48 1000.0 Invest
Birla SL
Gold
Fund(D)
Gold Open
ended
5,000.00 9.77 0.48 1000.0 Invest
Canara
Rob Gold
Saving
Fund-
Reg(G)
Gold Open
ended
5,000.00 9.10 0.83 1000.0 Invest
Canara
Rob Gold
Saving
Fund-
Reg(D)
Gold Open
ended
5,000.00 9.10 0.83 1000.0 Invest
IDBI Gold
Fund(G)
Gold Open
ended
5,000.00 9.28 0.51 1000.0

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Why invest in gold?
Gold, the most precious metal of all, is also a popular form of investment. The savings come handy, for
instance, during your daughter’s wedding. Investors can make the most out of its appreciating value
potential without going through the hassles of physically possessing it, through Gold ETFs and Fund of
Funds (FoFs). Better still, one may invest a small amount through SIP in Gold FoFs. So invest now and
enjoy its growth potential.
Gold as an asset class:
Gold as an investment asset has given reasonable returns (in USD) during the last decade.
Hedge against other asset class:
Gold, as an asset class has low correlation with other asset classes like equity and bonds. It has low
correlation with economic downturn in volatile times and is a good hedge against inflation. Coupled with
strong appreciation for over a decade, Gold has emerged as an important asset class for investments in
one's portfolio.
Diversification:
Easy and convenient way to diversify one's portfolio.
SIP in Gold
The following table shows the SIP returns in Gold for the past 10 years if Rs. 5000 were invested every
month. It is seen that Gold has given reasonable returns.
Period 1 Year 3 Years 5 Years 7 Years 10 Years
Amount Invested (Rs.) 60,000 180,000 300,000 420,000 600,000
SIP Start Date 01/04/2013 01/04/2011 01/04/2009 01/04/2007 01/04/2004
Gold Price (Rs/Gm) (As on
March 31, 2014)
2491.67 2491.67 2491.67 2491.67 2491.67
Total no. of units accumulated 23.18 68.49 139.51 249.27 505.79
Investment value (As on March
31, 2014) in Rs.
57,753.89 170,653.40 347,613.10 621,101.70 1,260,271.33
Returns on SIP in Gold (%) -6.89% -3.44% 5.83% 10.99% 14.21%

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List of Gold ETFs listed on NSE
Issuer Name Symbol Underlying Launch Date
Axis Mutual Fund Axis Gold ETF AXISGOLD Gold Nov 2010
Birla Sun Life
Mutual Fund
Birla Sun Life Gold ETF BSLGOLDETF Gold May 2011
Canara Robeco MF Canara Robeco Gold
ETF
CANGOLD Gold Mar 2012
Goldman Sachs
Asset Management
Goldman Sachs Gold
Exchange Traded
Scheme
GOLDBEES Gold Mar 2007
HDFC Mutual Fund HDFC Gold Exchange
Traded Fund
HDFCMFGET
F
Gold Aug 2010
ICICI Prudential
Mutual Fund
ICICI Prudential Gold
Exchange Traded Fund
IPGETF Gold Aug 2010
IDBI AMC IDBI Gold ETF IDBIGOLD Gold Nov 2011
Kotak Mutal Fund Kotak Gold Exchange
Traded Fund
KOTAKGOLD Gold Jul 2007
Quantum Mutual
Fund
Quantum Gold Fund (an
ETF)
QGOLDHALF Gold Feb 2008
Reliance Mutual
Fund
Reliance Gold Exchange
Traded Fund
RELGOLD Gold Nov 2007
Religare Mutual
Fund
Religare Gold Exchange
Traded Fund
RELIGAREGO Gold Mar 2010
SBI Mutual Fund SBI Gold Exchange
Traded Scheme
SBIGETS Gold Apr 2009
UTI Mutual Fund UTI GOLD Exchange
Traded Fund
GOLDSHARE Gold Mar 2007

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QUESTIONNAIRE
GENERAL INFORMATION
NAME : ___________________________________________________
ADDRESS :
______________________________________________________________________________
______________________________________________________________________
EMAIL ID : ________________________@________.com Mobile NO. :+91______________
AGE: ______. Occupation: _______________
Monthly Income:_______________. SEX : Male /Female
Education:____________________.
Have you made any kind of investment in Gold ? YES/NO.
1. What kind of investment in gold you have made or you prefer to make?
(a) Traditional Gold Investments
(b) Non-traditional Gold Investments.
(c) Both Traditional & Non-Traditional Gold Investments.
2. Do you make only Traditional Gold Investment? YES/NO
3. Do you make only Non-Traditional Gold Investment? YES/NO
4. Do you make Both Traditional & Non-traditional Gold Investment? YES/NO
5. Which type of following Traditional Gold Investments, you prefer?
a. Hard Gold – Coins/Bars
b. Pure Gold Jewellary
c. Multi-metal Ornaments
6. Which type of Non-Traditional Gold Investments, you prefer?
a. Gold ETF
b. Gold Fund of Fun ds
c. Equity based Gold Funds
d. Gold Deposit Bonds
e. Gold Deposit Certificate

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7. Since how many years you have been investing in traditional gold Investment?
a. 1 year
b. 2 years
c. 3 years
d. more than 3 years
8. Since how many years you have been investing in Non-traditional gold Investment?
a. 1 year
b. 2 years
c. 3 years
d. more than 3 years
9. How much % of your saving you do invest in Gold on yearly basis in Traditional Gold?
a. Less than 20%
b. 25-50%
c. 50-75%
d. More than 75%
10. Which type of Traditional Gold Investment you preferred?
a. Coins and Bars
b. Jwellary
11. How often you make investment in Traditional Gold?
a. Occasionally
b. Akshya tritiya
c. Gold rate Decrease
d. other_____________
12. What is the frequency of purchase of traditional Gold?
a. Once in 3 months
b. Once in 2 months
c. Once in a month
d. more than in month
13. What would you expect from Traditional Gold Investment?
a. Protection against negative events in the future
b. Return up to 20% on yearly base
c. Return up to 20-50% in yearly
d. Other_________________.

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14. Why do you invest in traditional gold investment?
a. Saving
b. Get high return on this investments
c. for Speculation
d. Other Reasons
15. How much % of your saving you do invest in Gold on yearly basis in non-traditional
Gold Investment?
a. Less than 20%
b. 25-50%
c. 50-75%
d. More than 75%
16. Which type of Non-traditional gold Investments you make?
a. Gold Fund of Funds
b. Equity based Gold Funds
c. Gold Deposit Bonds
d. Gold Deposit Certificate
e. Gold ETF`s
17. How often you make investment in Non-Traditional Gold?
a. Occasionally
b. Akshya tritiya
c. Gold rate Decrease
d. other_____________
18. What is the frequency of purchase of Non-traditional Gold?
a. Once in 3 months
b. Once in 2 months
c. Once in a month
d. more than once in month
19. How much % of your savings you invest in Non-traditional Gold Investment on a yearly
basis?
a. less than 20%
b. 25-50%
c. 50-75%
d. more than 75%

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20. When do you make Non-traditional gold investments?
a. Decrease in Gold Rates
b. occasionally
c. Profit in business
d. Other_________
21. What would you expect from Non-Traditional Gold Investment?
a. Protection against negative events in the future
b. Return upto 20% on yearly base
c. Return upto 20-50% in yearly
d. Other_________________.
22. Why do you invest in Non-traditional Gold investment?
a. Tax saving
b. Get high return on this investments
c. for Speculation
d. Other benefit.
23. You prefer to make Non-traditional invest in Gold as compared to Traditional investment
because?
a. It is an Investment for future security as well as Tax & other requirement in
emergency.
b. It is fast, less risky & better to invest in Non-traditional gold rather than investing in
hard Gold- Traditional
c. Non-traditional investment provides higher returns with low risk as compared to
Traditional Gold investment.
d. other_______________
24. You prefer to make traditional investment in Gold as compared to Non-Traditional
investment because?
a. It is an Investment for future security & other requirement in emergency.
b. It is fast & better to invest in traditional gold rather than investing in Non-traditional
Gold investment.
c. Traditional investment provides higher returns with low risk as compared to
Traditional Gold investment.
d. other_______________
25. In your opinion, is there a need for creating any awareness about Non-traditional gold
investment? YES/NO.

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