For the Indian gold investor, the first tranche of the Sovereign Gold Bonds scheme for the year 2017-18 was launched and will give a window for gold purchases during the forthcoming Akshay Tritiya festival. The festival is celebrated by Indians to mark an auspicious beginning to the year and gold is symbolically purchased for the same.

The Sovereign Gold Bonds are being issued at Rs 2,901 per gram including Rs 50 per gram discount being offered by the government over the official price, as per reports. The subscriptions are being accepted between April 24 to 28, 2017, and bonds will be issued on May 12, 2017.

The price of each tranche was planned ot be determined basis the average of closing price of gold of 999 purity as published by the India Bullion and Jewellers Association for the week (Monday to Friday) preceding the subscription period, which worked out to Rs 2,951 per gram, reports add. The minimum subscription required is for 1 gm and not more than 500 gm per person per financial year. There is a 2.75 percent every year, allocated to the bonds, which is payable every six months on the initial investment, reports add.