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Gold January 12, 2022 02:30:32 PM

Latest Series of Gold Bond Scheme Now Open for Subscription

Paul Ploumis
ScrapMonster Author
It must be noted that the issue price for Series VIII, which was open for subscription from 29th November to 3rd December, 2021, was INR 4,791 per gram.

Latest Series of Gold Bond Scheme Now Open for Subscription

SEATTLE (Scrap Monster): The Series-IX of the Sovereign Gold Bond (SGB) Scheme 2021-’22 by the central government opened for subscription on 10th January, 2022. The scheme will be open for a period of five days and will close on Friday, January 14th.

According to the notification issued by the Finance Ministry, the issue price of the bond has been fixed at INR 4,786 per gram. However, a discount of INR 50 per gram will be offered to online subscribers of the scheme, who make payment through digital mode. The issue price for such customers has been fixed at INR 4,736 per gram. It must be noted that the issue price for Series VIII, which was open for subscription from 29th November to 3rd December, 2021, was INR 4,791 per gram.

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The guidelines by the Reserve Bank of India (RBI) states that individual investors could make investment ranging from 1 gram up to 4 kilograms. Meantime, trusts and other organizations are allowed to invest up to 20 kilograms.

The scheme was launched in November 2015, with the aim of curbing the demand for physical gold and shifting a part of savings used for purchasing gold into financial savings. The scheme has managed to raise more than INR 32,000 crore since its launch.

The current gold prices are the lowest levels in almost two months. They are significantly down from the peak recorded in 2020. The policies by global central banks along with U.S. dollar movement will determine gold price movement in 2022.

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