August 15, 2018 / 1:02 PM / a year ago

Perth Mint launches first gold-backed ETF

NEW YORK, Aug 15 (Reuters) - The Perth Mint, Australia’s largest precious metals refinery, depository and mint, announced on Wednesday a new gold-backed exchange-traded fund (ETF) with a low-price management fee, entering the field of lower cost competitors.

The new fund, which will be backed by physical gold, will charge a fee of 18 basis points, or 0.18 percent, of the value of an investment, said Perth Mint Chief Executive Richard Hayes.

The move follows the World Gold Council, the owner of the world’s largest gold-backed ETF, which recently launched a low-cost fund at the same management fee.

Reporting by Renita D. Young

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