Special Correspondent

HYDERABAD: UTI Mutual Fund on Tuesday announced the launch of UTI Gold Exchange Traded Fund, an open-ended product designed to track performance and yields of the asset, from March 1, 2007.

U.K. Sinha, UTI CMD, said the scheme would be invested in gold bullion, reflecting the international gold market prices. The objective was to strive and provide returns that would closely track gold yield and performance, before expenses. UTI's Chief Marketing Officer Jaideep Bhattacharya said the fund offered an opportunity for investors to diversify their portfolios by investing in a new asset without being burdened by the hassles of physically handling gold.