RBI sets issue price at Rs 6,199 per gram for Sovereign Gold Bond Series III

The Reserve Bank of India (RBI) has disclosed the issue price for the upcoming Sovereign Gold Bond (SGB) 2023-24 Series III, set to open for subscription from December 18 to December 22. The bonds are scheduled for issuance on December 28, 2023 and are attracting attention from investors keen on participating in India's gold market.

The pricing mechanism for Sovereign Gold Bonds involves fixing the price in Indian rupees based on the simple average closing price of gold with 999 purity. This is determined using data provided by the India Bullion and Jewellers Association Ltd (IBJA) for the last three working days of the week preceding the subscription period.

As announced by the RBI, the nominal value derived from the simple average closing price between December 13-15 stands at Rs 6,199 per gram. For online subscribers, the issue price of a Gold Bond is set at Rs 6,149 per gram of gold.

The subscription window for investors will span five trading days, starting December 18 and concluding on December 22. Individuals looking to buy Sovereign Gold Bonds can do so through various channels, including:

Scheduled Commercial Banks (excluding small finance banks, payment banks, and regional rural banks)
Stock Holding Corporation of India (SHCIL)
Clearing Corporation of India (CCIL)
Designated Post Offices
National Stock Exchange of India
Bombay Stock Exchange