Coronaviruses have been affected by the economy around the world. Stock markets have seen a huge decline due to future uncertainties. Investors have invested heavily in gold considered safe haven. Due to this, the price of gold has skyrocketed. However, if you want to buy gold cheaply, you can take advantage of the Sovereign Gold Bond Scheme that opens for subscription tomorrow. The second-phase gold bond will open for subscription on Monday in the financial year 2020-21. The last date for subscription for investment in this scheme is 15 May. The second gold bond of the current financial year is coming at a time when there is a huge increase in the demand for gold among investors.
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The government has fixed the issue price of Gold Bond, which opens for subscription from Monday, 4,590 per gram. However, if you are applying online and paying through digital medium then you will also get a rebate of Rs 50 per gram. The issue price of gold for such investors will be Rs 4,540 per gram.
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The Reserve Bank issues Sovereign Gold Bonds on behalf of the government. In April, the government sold the first phase of gold bonds for the current financial year. Under this scheme, any person can buy a minimum of one gram of gold. The Sovereign Gold Bond Scheme was launched in November 2015. The goal of this scheme is to convert the savings made in households to purchase gold into financial savings and decrease the demand for physical gold.
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