Doha Bank imports record volumes of gold to meet growing consumer demand

Sharp drop in price of gold has spurred strong buying interest from retail investors and jewelers in Qatar

As falling gold prices continue to fuel strong buying interest in gold, Doha Bank is building up its gold supply to meet increased consumer appetite for 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 jewelry manufacturer, jewelers, retail and high net worth (HNI) investors.

Doha Bank is one of the few banks authorized to import gold in Qatar and offers gold bars and mint coins to its customers at an extremely competitive price.

Gold prices fell below USD 1,100 in July 2015, touching a five-year low, and continue to hover around the mark, triggering heavy buying interest.

Mr. Samuel K.V., Head of Treasury Trading & Product Management 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 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 capitalize on its long-term strength.”

He added, “As the first authorized 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 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. Available in standard bar sizes of 5 gm, 10 gm, 20 gm, 50 gm, 100 gm, 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 Centre, Mesaieed, and Abu Hamour branches.

Gold bulk purchase can be made at Doha Bank Corporate Service Center, located at Grand Hamad Street which offers extended working hours including Saturdays to provide more convenience to customers.