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Record demand for sovereign gold bonds despite price rise
Mint Mumbai
|September 27, 2023
Indians purchase 11.67 tonnes of gold bonds worth ₹6,900 crore to hedge against inflation
Investor demand for sovereign gold bonds (SGBs) surged to a record 11.67 tonnes valued at ₹6,914 crore in the second tranche of the current fiscal year despite high gold prices.
Rising global macro uncertainty and high retail price inflation back home, amid rising crude oil prices, are driving investor demand, according to a banker and a senior broking official.
The latest issuance on 20 September marked the first instance of demand growth exceeding 10% since the bonds were first sold in November 2015 in any tranche. After this sale, the cumulative outstanding bonds managed by the Reserve Bank of India (RBI) on behalf of the government rose to 120.6 tonnes from 108.95 tonnes as of the first bond issuance of the current fiscal on 27 June.
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