Ace Development Bank has introduced Gold Exchange Traded Fund (GETF) to Nepal’s financial market .

The innovative banking product is not new to the international market and is a very popular investment product across the globe, according to a statement released by the Bank.

“Since the investment in gold is always considered to help cushion the losses in other asset classes, investments in Gold ETF will be the perfect hedge against inflation,” the statement added.

In the first day of the trading, Ace will sell 5 kg of gold from ETF certificates. These EFT certificates will be listed on Ace Trading floor and secondary market trading will start from Sunday.

The bank said it will sell new ETFs everyday, during banking hours, from Sundays to Fridays. The price of the ETF is pegged to the international price of gold. nepalnews.com Nov 06 08