Record sales of SGB in the current financial year

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Mumbai, Ta. 16 July 2020, Thursday

July has been the best month so far in terms of quantity and financial investment in gold under the Sovereign Gold Bond (SGB) scheme. The first four months of the current financial year have seen SGB record sales so far. The scheme has been implemented since November 2017 as part of reducing the current demand for gold in the country.

In July, the government has so far sold SGB worth Rs 2,008 crore. This amount equates to a total of 4.15 tons of gold.

Most jewelers have not been able to trade specifically in the first three months of the current financial year as a result of the lockdown imposed due to the coronavirus. Due to the closure of jewelers' shops, those who wanted to invest in Safe Haven in Gold had resorted to investing in Gold ETFs and SGBs in the April-June quarter.

Gold ETFs had a net inflow of Rs 2,000 crore in the June quarter. Not only that, the first four months of the current financial year have seen the highest sales of SGB since the implementation of SGB schemes. This previous financial year has not seen such a large amount of sales.

According to government figures, a total of Rs 5,113 crore was raised through SGB in four series from April to July this year. SGB ​​is a very secure digitized tool for investing in gold. Gold can be invested under SGB without taking spot delivery of gold. Under this scheme, the investor also gets an annual interest of 2.5 per cent.

Gold ETFs have seen a net inflow of Rs 200 crore in the first six months of 2020 as investors turn to investing in safe havens. Investors withdrew Rs 120 crore from gold ETFs between January and June last year.

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