Government fixes rate at Rs 2987/gm for Sovereign Gold Bond

INDORE, India - Oct. 14, 2017 - PRLog -- The govt on Friday fixed the purchase price of Sovereign Gold Bond (SGB) at Rs 2,987 per gram. The subscription will open on Oct 16, ahead of Dhanteras festival, which is considered auspicious for buying gold and jewelryThe Reserve Bank said in its release that for the period of subscription from Oct 16 to 18, the nominal value of the bond based on the simple average closing price of gold of 999 purity of the last 3 business days of the week preceding the subscription period, i.e, October 11-13, 2017 works out to Rs 2,987 per gram.
Invest in the govt of India's Sovereign Gold Bond Scheme (Series-III), for which the applications will be accepted till Dec 27, 2017. The minimum acceptable investment limit is one gram of gold, while the maximum limit is 4 kg for individual, 4 kg for HUF and 20 kg for trusts & similar entities per financial year (April-March) notified by the govt from time to time.
As reported last week, now the leading stock exchange, National Stock Exchange (NSE) has decided to extend the trading session for Gold Exchange Traded Funds (ETF) and Sovereign Gold Bond (SGB) on October 17 till 7.00 PM on Dhanteras. Further, the National Stock Exchange (NSE) will carry out Muhurat trading on account of Diwali Laxmi Pujan, on Oct 19 from 6.30 pm to 7.30 pm.
A gold exchange-traded fund (ETF) is an investment fund traded on exchanges, like stocks, and trades close to the net-asset- value of the commodity over the course of the trading day.
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