Total holdings of the top eight gold ETFs have risen by 3.8 million ounces so far this year
Gold discounts in India, the world's second-biggest consumer, widened this week as dealers struggled to offload stocks amid sluggish demand.
Silver, platinum and palladium all declined.
For easy and wide access, the government plans to market the bond through post offices and various brokers.
Global gold prices held below $1,200 an ounce this week.
It was unclear how bankers were deciding which jewellers to support
Gold demand in India is expected to be robust in 2014, likely leading to a further jump in smuggling if curbs on bullion imports remain, the World Gold Council (WGC) said.
By tying gold imports directly to export volumes, India is effectively trying to cap how much bullion can be brought into the country, tightening supplies and driving up local prices.
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