Reserve Bank of India started issuing a new type of bond called Sovereign Gold Bond (SGB) in November 2015. The bond is issued by RBI on behalf of the Government of India. Each unit of the bond is equivalent to a gram of gold. The price of the bond is linked to the price of the gold. The price is calculated by taking the average of the closing price of gold of 999 purity for the last 3 business days of the week. RBI follows the price of gold published by IBJA.