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The government of India has announced the dates for the opening of Sovereign Gold Bonds 2021-22 (Series VIII) for subscription.

The series will be open for five days of subscription during the period November 29- December 03. The Reserve Bank of India (RBI) will issue the bonds on behalf of the Government of India

The issue price of the Bond during the subscription period has been fixed at 4,791 per gram, as notified by the RBI.

The government in consultation with the RBI has decided to allow discount of 50 per gram from the issue price to those investors who apply online and the payment is made through digital mode.

For such investors the issue price of Gold Bond will be 4,741 per gram of gold.

Gold bonds have a tenure of eight years with an exit option after fifth year to be exercised on the next interest payment dates.

The investors will be compensated at a fixed rate of 2.50 per cent per annum payable semi-annually on the nominal value while the minimum permissible investment will be 1 gram of gold.

The sovereign gold bond scheme was launched in November 2015, with an objective to reduce the demand for physical gold and shift a part of the domestic savings -- used for the purchase of gold -- into financial savings.

On MCX, December gold futures is up at 47,728 per 10 grams. Despite today's surge gold is down over 1,000 per 10 gram from this month's high as fears of earlier-than-expected tightening of US monetary policy weighed on the precious metal.

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