Qatar- Doha Bank imports record gold to meet growing demand
Date
8/23/2015 2:43:55 AM
(MENAFN- Gulf Times) Doha bank has imported "record volumes" of gold to meet growing consumer demand as falling gold prices continue to fuel strong buying interest in the yellow metal.
The bank imported a record 23,818 ounces of gold in the first seven months of 2015 to keep up with sustained demand from jewellery manufacturer, jewellers, retail and high net worth (HNWI) investors.
Doha Bank is one of the few banks authorised to import gold in Qatar and offers gold bars and mint coins to its customers at an extremely competitive price, the bank said in a statement.
Gold prices fell below $1,100 in July 2015, touching a five-year low, and continue to hover around the mark, triggering heavy buying interest.
Samuel KV, head of Treasury Trading & Product Management at Doha Bank, said, "Despite the short-term headwinds, gold remains a solid bet for the future. The continued strong consumer preference for the yellow metal reinforces why gold is considered an attractive long-term investment option, and with prices having plunged to its lowest level in five years, now is as good a time to buy yellow metal and capitalise on its long-term strength."
He added, "As the first authorised Qatari bank to import and sell gold in the country, Doha Bank enjoys a considerable first-mover advantage in the domestic market which, combined with the unmatched quality of our physical gold products and our highly-competitive prices, has enabled the bank to emerge as the most preferred and trusted gold mint and cast bar seller in Qatar."
Doha Bank has signed a memorandum of understanding (MoU) with a Switzerland-based leading gold supplier and also established tie-ups with several major global suppliers in the physical gold market.
The gold mint and cast bars offered by Doha Bank are manufactured "as per the highest international standards" and are Assay certified, the bank said. Available in standard bar sizes of 5gm, 10gm, 20gm, 50gm, 100gm, TT Bar, and Kilo Bar, they are packaged in a tamper-proof cover to ensure zero damages.
Gold bars can be bought over the counter at Doha Bank main branch on Grand Hamad Street, as well as at the Al Mirqab, City Center, Mesaieed, and Abu Hamour branches.
Gold bulk purchase can be made at Doha Bank Corporate Service Centre, located at Grand Hamad Street, which offers extended working hours, including Saturdays to provide more convenience to customers.
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