Economy, Business And Markets

Doha Bank Imports Record Volumes of Gold

Doha Bank Imports Record Volumes of GoldDoha Bank Imports Record Volumes of Gold

As falling gold prices continue to fuel strong buying interest, a Qatar-based bank is building up its gold supply to meet increased consumer appetite for the yellow metal.

Doha Bank has 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, according to Economic Times.  

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

“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 capitalize on its long-term strength,” said Samuel KV, head of Treasury Trading & Product Management.

“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,” Samuel said.

Doha Bank has signed a memorandum of understanding with Switzerland-based leading gold supplier and also established tie-ups with several major global suppliers in the physical gold market.