India's gold collections under the exchange traded funds (ETFs) edged up 9.3 percent on year to about 4.99 tonnes in May from 4.57 tonnes a year ago, data from the funds showed.
Investors who were previously waiting on the sidelines for a correction are now investing in ETFs, said Arvind Chari, fund manager with Quantum Mutual Fund, adding that the bullish outlook for the precious metal is attracting money.
The Gold Benchmark Exchange Traded Scheme 
) traded 0.94 percent higher at 1,456.00 rupees per gram at 1:44 p.m..
Though gold collections under the ETFs are growing on year, they remain miniscule against India's imports of around 400-800 tonnes annually.
The gold ETFs -- instruments that trade like shares and are backed by physical gold holdings -- are more than two years old and may get crowded with some other funds planning their entry.
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