Gold bond price set at Rs 3,890/gram, opens Monday: RBI

Reserve Bank of India (RBI). Reuters file photo

Price of the next tranche of the Sovereign Gold Bond issue opening on September 9 has been fixed at Rs 3,890 per gram, the Reserve Bank said on Friday.

The Sovereign Gold Bond Scheme 2019-20 - Series IV will be opened for subscription from September 9 to 13, 2019.

Further, the government has decided to offer a discount of Rs 50 per gram for those investors applying online and making payment for the purchase of the bond through digital mode.

"For such investors, the issue price of Gold Bond will be Rs 3,840 per gram of gold," the RBI said.

The sovereign gold bond scheme was launched in November 2015 with the objective to reduce the demand for physical gold and shift a part of the domestic savings, used for purchase of the yellow metal, into financial savings.

Under the scheme, the bonds are denominated in units of one gram of gold and multiples thereof. Minimum investment in the bonds is one gram with a maximum limit of subscription of 500 gram per person per fiscal year (April-March).

The maximum limit of subscription is 4 kg for individual and Hindu Undivided Family (HUF) and 20 kg for trusts and similar entities per fiscal. 

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