New Delhi, Nov 26 (IANS): The issue price for Sovereign Gold Bonds' next series has been fixed at Rs 4,791 per gram of gold.

According to the Ministry of Finance, the Sovereign Gold Bond Scheme 2021-22 (Series VIII) will be opened for subscription during the period November 29 to December 3 with settlement date on December 7.

"The Government of India in consultation with the Reserve Bank of India has decided to allow a discount of Rs 50 per gram from the issue price to those investors who apply online and the payment is made through digital mode," it said.

"For such investors the issue price of Gold Bond will be Rs 4,741 per gram of gold."

The SGBs are government securities denominated in grams of gold. Besides, they are substitutes for holding physical gold. Under the scheme, investors have to pay the issue price in cash and the bonds will be redeemed in cash on maturity.

The bond is issued by the Reserve Bank on behalf of the government.