As the price of gold continues to drop, demand for the precious yellow metal in Qatar is reportedly at an all-time high. So much so that the capital’s Doha Bank is importing “record volumes” to meet growing consumer demand. In the past seven months alone, the bank has registered an impressive 23,818 ounces of gold imports.
According to the Qatari lender, Doha Bank is one of the few financial institutions authorised to import gold in the country, and offer gold bars and mint coins to its customers at competitive prices.
“Despite the short-term headwinds, gold remains a solid bet for the future,” said Samuel KV, head of treasury trading and product management at Doha Bank. “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 continued: “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.”
Gold prices fell below the $1,100 mark in July – its lowest in five years – triggering heavy interest by jewellery manufacturers, jewellers, retailers and high net worth investors in Qatar and the rest of the region.