MUMBAI(Bullion Street): Gold exchange traded funds (ETFs) have been weighed down by net outflows since May 2013. Negative sentiment continued to prevail in May 2015 as well due to the yellow metal’s discouraging performance, according to a report by Indian research firm CRISIL.

The category’s AUM fell 1.9% to Rs 66.88 billion due to net outflows of Rs 0.86 billion and MTM losses. The price of gold (represented by the CRISIL Gold Index) fell 0.3% in May.

The report also said the Indian mutual fund industry’s assets under management (AUM) rose 1.4% in May to reclaim the Rs 12 trillion mark and close at its record high as per the latest numbers declared by the Association of Mutual Funds in India (AMFI).

The increase was primarily propelled by inflows in equity and income funds. Outflows in liquid funds, though, capped further gains.