RBI Gold Bond window opens today, should you subscribe?
RBI Gold Bond window opens today, should you subscribe?
Last Updated: Mon, May 24th, 2021, 11:06:50hrs
India s Sovereign Gold Bond Scheme managed by the Reserve Bank of India is open to subscriptions from today.
The central bank in a press release said the window for subscriptions will be open from Monday for four days. The subscription closes on May 28 2021.
The price of Gold for the Series II 2021-22 Gold Bond has been determined at Rs 4,842 per unit. Each bond is equivalent to the price per gram of 24 karat or 999 gold.
Payments to subscriptions made online or in digital mode are offered a discount of Rs 50 per unit. Hence, the issue price works to Rs 4,792 per unit.
Synopsis
“The government has said that hallmarking will become mandatory from June 1. So, we too, are coming up with an adequate number of hallmarking centres to support the industry,” said Uday Shinde, president, Indian Association of Hallmarking Centres. “A standard hallmarking centre requires Rs 70- Rs 80 lakh to be set up.”
While the hallmarking industry is increasing the number of centres, BIS also plans to launch a nine-digit alphanumeric unique identity number (UIN) for each piece of jewellery.
About 400 new gold jewellery hallmarking centres are coming up by the end of next month to speed up the process of stamping the bullion so that jewellery buyers get the desired level of purity.
Synopsis
Demand was minuscule last year, when the country was in a lockdown on Akshaya Tritiya in late April. But consumer sentiment wasn’t this bad, as there were very few Covid cases at the time, and many had booked gold over the phone or purchased it online. Whatever little bit of business is happening now, it is mainly through online platforms, jewellers said.
Digital gold, which is bought through payment apps like Paytm is showing some traction with purchases in the Rs 3,000–4,000 range.
Demand for gold has crashed by 75-80% this Akshaya Tritiya on Friday compared with the festival in the pre-Covid-19 period two years ago, hurt by sentiment dampened by the pandemic and restrictions on trade and movement of people in several states.
Kolkata: Demand for gold has crashed by 75-80% this Akshaya Tritiya on Friday compared with the festival in the pre-Covid-19 period two years ago, hurt by sentiment dampened by the pandemic and restrictions on trade and movement of people in several states.
Demand was minuscule last year, when the country was in a lockdown on Akshaya Tritiya in late April. But consumer sentiment wasn’t this bad, as there were very few Covid cases at the time, and many had booked gold over the phone or purchased it online.
Whatever little bit of business is happening now, it is through online platforms, jewellers said.