SBI Funds, a leading fund house of the country, has finally launched ‘SBI Gold Exchange Traded Scheme (SBI GETS) in the Indian market.

The investment objective of the fund is to seek and provide returns that closely correspond to returns provided by price of gold through investment in physical Gold.

According to official release, the scheme will invest 90%-100% in gold and gold bullion with medium to high risk profile and 0-10% in debt and money market instruments, with low risk profile.

In today’s session, gold futures turned lower after government data showed U.S. consumer prices unexpected fell during the last month, and posted their first 12-month fall since 1955, denting the metal's appeal as an inflation hedge.

Gold prices fell by Rs 80 in the bullion market on Wednesday because of profit booking amid strong stock markets.

The purchasing for the present marriage season and an improved curve in London bullion market failed to improve prices and prices chop down after traders and stockists indulged in profit booking at advanced levels.

In the opinion of the World Gold Council (WCG) Vice-President, K Shivaram, gold is one of the safest ways to secure savings, more so in the current murky economic scenario. Gold is ideally the best investment alternative because, the equity market crash notwithstanding, it still managed to give over 28 percent returns of late!

Noting that the value of gold has never plunged to unexpected lows, Shivaram said that the recent slump in gold prices is transitory. He expects the gold prices to soar as its supply from the mines is dropping, and countries like China and Russia are adding to their quantum of gold reserves.

Gold traded in jerky session on Tuesday as traders backed away from the safe investment amid anticipation that the financial system can return to normal.

In the international spot market, Gold belled the day at $887.50. During the session, it gained steam as worse than expected retail sales caused the equity markets to fall and gold rapidly rallied, touching an intraday high of $893.

Gold typically moves opposite the US currency owing to its hedge value. The dollar remained choppy as compared to other majors on Tuesday, giving back early gains.

In spite of the recent drop in gold prices in India to slightly over Rs 14,200 per

Gold prices again came in action on Wednesday on the back of reports that the glamorous metal would soon retrieve the psychologically important level of $1,000 per ounce in overseas market in coming few months, due to volatility in stock markets.

It should be noted that earlier this week, precious metals consultancy GFMS said in its annual gold survey report that, the gold prices could rise to a record above $1,100 an ounce in the coming months, as investors seek to guard against rising inflation.

Yesterday, the price of yellow metal soars by an impressive Rs 315 to close at Rs 14,735 per 10 gm in Delhi.