The Finance Ministry has said following the uptake for gold in recent months the upcoming issue of Gold Bond Scheme from Monday will prove to be a worthy investment for resident Indians.
“Next tranche of Sovereign Gold Bond Scheme to open from July 18-22. Excellent opportunity to invest and benefit from gold price appreciation,” Economic Affairs Secretary Shaktikanta Das tweeted on Saturday.
“Gold Bond Scheme: Innovative savings instrument for all sections. Attractive substitute for purchase of physical gold as a mode of savings,” the secretary added. In recent months, gold prices have surged from Rs 30,000 per 10 grams (24 carat) to Rs 31,500 per 10 grams now. It was around Rs 33,000 a fortnight back. As regards the price, the Reserve Bank of India has already notified the same. “The issue price of the Sovereign Gold Bond has been fixed at Rs 3,119 per gram of gold. The rate has been fixed on the basis of simple average of closing price of gold of 999 purity for the week July 11-15, 2016 as published by the India Bullion and Jewellers Association,” the Central Bank said.
“Applications for the bond will be accepted from July 18, 2016 to July 22, 2016. The bonds will be issued on August 5, 2016,” the Finance Ministry statement said recently. Finance Minister Arun Jaitley had in last year’s Union Budget announced developing the Sovereign Gold Bond, as a measure to contain demand for the metal in physical form.