India's Gold Consumers Are Becoming Investors

``In August, assets under control of India's gold Exchange Traded Funds (ETFs) are reported to have increased threefold year-on-year, even as gold appreciated by almost a half. Data from the Association of Mutual Funds in India show that total assets of gold ETFs reached 74.8 billion rupees (US$1.6 billion) from 26.4 billion rupees (US$550 million) a year earlier.''