Gold ETFs (exchange traded funds) witnessed a net outflow of Rs489 crore in the first seven months (April-October) of 2015-16, down from an outflow of Rs1,016 crore in the same period of fiscal 2014-15. These ETFs also witnessed outflows in the last two fiscals—Rs1,475 crore in 2014-15 and Rs2,293 crore in 2013-14. Taking advantage of the rising gold prices, mutual funds had launched 14 gold-based schemes, since 2006-07. But gold, which had been delivering tremendous year-on-year (y-o-y) returns since 2001, fell 22.6% (absolute) from its peak of Rs32,943/10gm on 29 August 2013 to Rs25,488/10gm on 20 November 2015. Since 2011, when interest in gold was at its peak, Moneylife has consistently warned investors not to consider gold as an investment product.