Doha Bank recently organized a get together event exclusively for Bullion related business customers with a unique theme titled “Sailing with Gold”, an exciting traditional dhow cruise journey in Doha Corniche waters on 6th Dec 2014. The event was well attended by the leading jewellers in Qatar.
Addressing the event Doha Bank Group CEO Dr. R. Seetharaman said, “We have always realized the importance of serving a broader base of customers including Jewellers segment and eventually Doha Bank to become a one stop bullion solution provider for the local and regional markets”. He also said that recent US Dollar strength had pushing the bullion and crude prices lower.
K.V Samuel, acting Head of Treasury and Investments presented an update on the latest Bullion market developments and shared the market experience with the participants. He said that gold is an investment for generations to come and any fall in price is an opportunity to buy it and hold with long term gain opportunities.
“We have seen substantial demand for bullion when the price dropped to about $1130 in July and from there price quickly rallied to above 1200” he added.
In the short term bullion prices are expected to consolidate in $ 1130-1255 range.
He also said “gold may drop further to $ 1032 or even to $ 934, before the major bull rally begins”. In the next major bull phase rally, the gold prices may reach $ 2850-3000” he added.
Athul Kumar, Head of SME explained working capital financing modalities for jewellers and Abu Backer, Head of Operations spoke about the operational modalities in physical Gold delivery process.
After being the first bank to import and sell gold in Qatar in 2012, Doha Bank has taken the next step forward with different innovative Gold products, including hedging solutions to cater the wholesalers/ jewellers based in Qatar and GCC.
Last year, Doha Bank signed a MOU for strategic alliance with PAMP, the world’s leading bullion brand to import bullion to Qatar.
Doha Bank currently distributes renowned Swiss and other physical gold bars in the local market in sizes starting from 5 grams to 1 Kilograms. Bullion bars are available over the counter at Grand Hamad Street branch and other selected branches.
Doha Bank Treasury Dealing room operates from 7.30 am till 10.00pm, including Fridays without any break to cater the business requirements of jewelers and other valued customers.