(Yicai Global) Oct. 24 -- China has given the green light to its first new gold exchange-traded funds in six years, increasing their number to seven.

The China Securities Regulatory Commission recently approved three investment funds that focus on the precious metal offered by China Asset Management, ICBC Credit Suisse Asset Management and First Seafront Fund Management, according to a notice posted on the watchdog's website.

Applications to issue the new ETFs were made before September 2016, but only received the thumbs up on Oct. 22 after a nearly four-year wait.

Jitters over the UK's exit from the European Union and yuan exchange rate swings have buoyed gold prices and the yield on all gold ETFs has exceeded 19 percent so far this year. The net value of many gold ETFs hit a record high at the end of August. The price of spot gold in London rose 16.4 percent in the same period.

Gold ETFs connect stock exchanges with gold bourses, and investors can invest directly in gold by buying ETFs via their securities accounts.

China's first gold ETFs, issued by Bosera Asset Management, Hua An Fund Management, E Fund Management and Guotai Asset Management, were approved in 2013, information from data provider Wind Information showed. Their value passed CNY16 billion (USD2.3 billion) as of yesterday's close. Shanghai-based Hua An's ETF ranked first at CNY8.4 billion.

Gold ETFs have lower transaction costs than transactions in physical gold ingots and futures, and their trading commissions are almost the same as stock ETFs, but they have lower trading thresholds and more transparent operations.

Editor: Ben Armour