Doha Bank buys up gold to fuel consumer demand as prices dip

Doha Bank is stocking up on gold as falling prices fuel consumers' appetite for the precious metal.

The Qatari bank broke its own record, importing nearly 24,000 ounces of gold in just the first seven months of 2015. Doha Bank’s scramble to gather gold is based on sustained demand from jewelry manufacturers, retailers and wealthy investors.

Doha Bank is one of only a few banks in Qatar authorized to import gold. The bank offers customers both gold bars and gold mint coins at competitive rates as the market price for an ounce of gold touched a five-year low below $1,100 in July.

The current market price of gold is around $1,154 per ounce.

Samuel K.V., the bank’s head of treasury, said gold should remain a solid bet for the future with continued strong consumer demand making gold an attractive long-term investment option.

“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," Samuel K.V. said. "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.”

Doha Bank recently signed a Memorandum of Understanding (MoU) with Switzerland’s leading gold supplier and also established connections with other major global suppliers of gold.

Gold mint and cast bars from Doha Bank are available in standard bar sizes of 5, 10, 20, 50 and 100 grams. They are also available in ten-tilo (TT) bars of 117 grams, as well as kilogram bars.

The gold bars can be bought over the counter at Doha Bank branches.