Issue price of Sovereign Gold Bond fixed at Rs 2,901 per gram of gold

NEW DELHI: The features and price of the first tranche of the Sovereign Gold Bonds 2017-18 - Series I has been announced. The nominal value of the bond based on the simple average closing price published by the India Bullion and Jewellers Association Ltd (IBJA) for gold of 999 purity of the week preceding the subscription period, i.e. April 17-21, 2017 works out to Rs 2,951 per gram.

Government of India, in consultation with the Reserve Bank of India, has decided to offer a discount of 50 per gram on the nominal value of the Sovereign Gold Bond. Hence, the issue price of Gold Bond for this tranche has been fixed at Rs 2,901 per gram of gold.

The Reserve Bank of India, in consultation with Government of India, has decided to issue Sovereign Gold Bonds 2017-18 - Series I. Applications for the bond will be accepted from April 24-28, 2017. The Bonds will be issued on May 12, 2017. The Bonds will be sold through banks, Stock Holding Corporation of India Limited (SHCIL), designated Post Offices, and recognised Stock Exchanges viz., National Stock Exchange of India Limited and Bombay Stock Exchange.