Doha: Doha Bank organised a get- together for bullion-related business customers under the theme ‘Sailing with Gold’, an exciting traditional dhow cruise in Doha Corniche on December 6.
It was attended by leading jewellers in Qatar.
Addressing the event, Doha Bank Group CEO, Dr R Seetharaman, said, “We have always realised the importance of serving a broader base of customers, including the jewellers segment, and eventually the bank to become a one-stop bullion solution provider for local and regional markets.”
He said the recent dollar’s strength had pushing the bullion and crude prices lower.
K V Samuel, Acting Head, Treasury and Investments, presented an update on bullion market developments and shared market experience with participants.
He said 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 prices dropped to about $1,130 in July and then quickly rallied to above $1,200.”
In the short-term, bullion prices are expected to consolidate in the $1,130-$1,255 range.
He said, “Gold may drop further to $1,032 or $934 before the major bull rally begins.” In the next major bull phase rally, gold prices may reach $2,850-$3,000.”
Athul Kumar, Head, SME, explained working capital financing modalities for jewellers and Abu Backer, Head of Operations, spoke about 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 innovative gold products, including hedging solutions to cater wholesalers/jewellers in Qatar and the GCC.
Last year, the bank signed an MoU on alliance with PAMP, the world’s leading bullion brand to import bullion.
The bank distributes Swiss and other gold bars in the local market in sizes from 5 grammes to 1kg. Bars are available over the counter at the Grand Hamad Street and other selected branches. The bank’s treasury dealing room operates from 7.30am until 10pm, including Fridays, to meet the needs of jewellers and other customers.
The Peninsula
