The price of the Sovereign Gold Bond is fixed in Indian rupees is based on simple average of closing price of 999 purity gold of how many days?

The sovereign gold bond (SGB) scheme was launched in November 2015 with an objective to cut down the demand for physical gold and shift a part of the domestic savings – used for the purchase of gold – into financial savings.  ·         The bonds are denominated in multiples of gram(s) of gold with a basic unit of one gram. ·         The tenor of the bond will be for a period of eight years with exit option after fifth year to be exercised on the next interest payment dates. ·         The minimum permissible investment is one gram of gold and the maximum limit of subscription is 4 kg for individual, 4 kg for HUF and 20 kg for trusts and similar entities per financial year. ·         SGB comes with a 2.5% coupon attached and tax advantage for its investors. ·         The price of the bond is fixed in Indian rupees on the basis of a simple average of the closing price of gold of 999 purity , published by the India Bullion and Jewellers Association (IBJA) for the last three working days of the week preceding the subscription period