The funds have combined assets of about $1.8 billion, a small proportion of India’s gold purchases, so progress might be slow.
‘‘Gold is considered pure in our culture, and giving it is a virtue. Certain amount of gold must be bought,’’ said 26-year-old Rohini, a Mumbai physiotherapist as she browsed in a jewelry shop.
Her mother, Jaishri, agreed. ‘‘Of course, nobody can afford as much as we used to. Once upon a time, we used to buy gold by the kilo,’’ she said. ‘‘But the price is so high now, we just buy what we can for the necessary things.’’