Mumbai, Dec 10 (PTI) The Reserve Bank on Wednesday announced a redemption price of Rs 12,801 per unit for two series of sovereign gold bonds.

Unit holders of SGB 2017-18 Series-XI Issued on December 11, 2017, will get Rs 12,801 per unit as final redemption price, an official statement said.

The unit holders had invested at Rs 2,954 per unit of the SGB at the time of redemption, and have also earned an interest of 2.5 per cent per annum on the sum invested.

The scheme was launched to dissuade people of the country, one of the largest gold importers in the world, from investing in physical gold. The rally in gold prices over the past few months led to reports of the impressive gains which investors stand to make.

The RBI also announced the same price per unit of Rs 12,801 as Price for premature redemption of 2019-20 Series I due on December 11, 2025.

The prices are based on simple average of closing price of gold of 999 purity of previous three working days from the date of redemption, as published by the India Bullion and Jewellers Association Ltd (IBJA), the RBI said.

Accordingly, the price has been arrived at on the basis of the closing price of the precious metal from Monday to Wednesday, it said. PTI AA MR

Sovereign Gold Bonds redemption price fixed at Rs 12,801 per unit; calculation based on three day IBJA gold average. The Reserve Bank fixed the redemption price for specified sovereign gold bonds at Rs 12,801 per unit for SGB 2017 18 Series XI and for premature redemption of 2019 20 Series I; the price is calculated as the simple average of closing prices of 999 purity gold over the three previous working days as published by the bullion industry price source, and Series XI investors had purchased at Rs 2,954 per unit and earned 2.5% per annum interest.