The NAV of Nippon India An exchange traded fund is a mutual fund scheme with units listed on a stock exchange, built to follow an index or an asset such as gold. Read the full meaning of ETF Gold BeES was Rs 112.6545 on 2 November 2026, which was a fall of 2.06% from the previous NAV. The gold rate moved in the same direction that day.
The NAV of a gold ETF is derived from the value of the physical gold held by the fund, and Gold BeES follows the domestic price of gold as its benchmark. As the metal becomes cheaper or costlier in the domestic market, the NAV changes along with it on each trading day.
On 30 September 2026, the NAV of the same fund was Rs 121.3956, according to Nippon India Mutual Fund. Many holders are now comparing that figure with the latest one.
What changed on 1 April 2026
Under a SEBI is the statutory regulator of India's securities market, with the legal duty to protect investors and to promote and regulate that market. Read the full meaning of SEBI circular dated 26 February 2026, mutual funds must now value the physical gold held by gold ETFs using polled domestic spot prices published by recognised stock exchanges. These are same prices that are used to settle physically delivered gold derivatives.
Earlier, the funds had started from the LBMA AM fixing price, and then adjusted it for currency conversion, transport, customs duty, taxes and a notional premium or discount to arrive at a domestic value.
SEBI's consultation paper of July 2025 had said that this method produced differential valuations, because the domestic benchmarks were different and the pricing adjustments were not made with the same frequency. As per the regulator, exchange spot prices will remove the need for subjective premium or discount adjustments, since they are polled from domestic participants.
The Association of Mutual Funds in India (AMFI), in consultation with SEBI, is to prescribe a uniform valuation policy for all the asset management companies.
Why the fund still trails the benchmark
The fund pages of Nippon India Mutual Fund show a small and steady difference between Gold BeES and the Domestic Price of Gold.
Tracking error is also seen in other funds.
For how consistently all the asset management companies apply the new valuation rule, the uniform policy that AMFI is to prescribe with SEBI is the item to watch.
