Doha Bank Imports Record Gold Volumes

goldDoha: 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, website CPI Financial reports. The Bank imported 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 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. 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.

The bank has signed a memorandum of understanding with a Swiss gold supplier and also established agreements with several major global suppliers in the physical gold market, according to the report.