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Below on SGB Series-I 2023-24 by Mr. Nish Bhatt, Founder & CEO, Millwood Kane International 

“The price for Series-I 2023-24 is fixed at Rs 5,926/gm. Investment in Sovereign Gold Bonds has helped the RBI raise over Rs 30,000 cr since its inception in November 2015.

Investment in paper, digital gold provides high liquidity, eliminates storage costs, and is easier to sell than physical gold. Investment in SGBs comes with an interest coupon payable semi-annually. Gold prices have gained 18% in FY23, around 8% YTD. Also, SGB has posted double-digit gains since its inception in 2015.

Gold prices have been trading near their all-time highs domestically as well as globally. The recent moves by the US Fed and RBI capped gains for gold, leading to softness in the prices.

Moving forward, gold prices will be guided by the action of the central banks, DXY a possible chance of a recession in the US, and the geopolitical situation between Russia-Ukraine and China-Taiwan. Expectations of global central banks easing rates from CY24 onwards will provide support to the yellow metal.”

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