Gold bond redemption value drops 4.5% post budget custom duty cut | Economy & Policy News
The redemption price of the sovereign gold bond (SGB) scheme (SGB 2016-17 Series I – Issue date August 05, 2016) will be Rs 6,938 for gold of 999 purity (per gram), the Reserve Bank of India (RBI) said on Friday, adding the date of redemption will be August 5.
The price is around 4.5 per cent lower than the average price of the week before the Union Budget, which was presented on July 23. Gold prices dropped after a reduction in the basic custom duty.
The redemption price of SGB is based on the simple average of the closing price of gold of 999 purity of the week (Monday-Friday), preceding the date of redemption, as published by the India Bullion and Jewellers Association Ltd (IBJA).
“Redemption price for the final redemption due on August 05, 2024, shall be Rs 6,938 (Rupees six thousand nine hundred and thirty-eight only) per unit of SGB based on the simple average of the closing price of gold for the week July 29 – August 02, 2024,” RBI said.
Source: IBJA
First Published: Aug 02 2024 | 8:51 PM IST
