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    Uncertainty drives investors to biggest gold-bond rush

    The scheme provides an investment alternative to physical gold, whose imports put a strain on the current account and on the rupee.

    Synopsis

    Analysts said although paper gold consumption was minuscule compared with the annual 750-800 tonnes physical gold consumption in India, investor appetite for it is growing in uncertain times beset with the US-China trade war and the Covid-19 pandemic.

    Mumbai: Indian residents have purchased a record 4.13 million grams, or 4.13 tonnes, of sovereign gold bonds (SGBs) in the fourth tranche of the current fiscal (FY21), the most in any tranche since the Reserve Bank of India first issued these bonds on behalf of the government in 2015. The demand for SGBs underscores investment appetite in gold, which has risen 43 per cent year on year to a record 49,000-plus (ex 3 per cent GST) per 10 grams.In
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    The Economic Times