Sovereign gold bonds attract Rs 6,030 cr on first day

Main objective was to reduce demand for physical gold, shift part of savings into financial savings

The Reserve Bank on Tuesday said Sovereign Gold Bonds have attracted investment worth Rs 6,030 crore so far.

The government launched the scheme in November 2015 with an objective to reduce the demand for physical gold and shift a part of the domestic savings, used for the purchase of gold, into financial savings.

So far, the bonds have been issued in nine tranches.

"The Reserve Bank of India, in consultation with the Government of India, has issued nine tranches of Sovereign Gold Bonds for a total value of Rs 6,030 crore till date," the central bank said in a statement.

The investment was Rs 5,400 crore in eight tranches.

The applications for the latest tranche were accepted from July 10-14, 2017 and bonds were issued on July 28.

Investors in these bonds have the option of holding them in physical or dematerialised form.