UAE bank offers gold buffs a glittering opportunity

In a bid to cash in on the recent volatility in gold prices and the traditional gold obsession among Indian sub-continent and Middle Eastern population, a Dubai-based bank is offering its customers the opportunity to invest in gold starting as low as Dh500, without the additional risk and costs associated with owning physical gold.




In a statement, Emirates NBD said it has launched a Gold Investment Account, which enables customers to buy gold in electronic form. The bank claimed that the account is “first-of-its-kind in the region.”



“The Middle East and Indian sub-continent have always had a great affinity towards gold, backed by its association with jewellery and its inherent quality as a safe haven investment,” said Shekhar Krishnamurthy, Head of Retail Assets and Liabilities, Emirates NBD.



“Given the double-digit growth rate that gold has shown in recent years, it continues to play a major role in banking wealth in the region, and more and more of our retail customers have expressed interest in investing in the precious metal,” he added.



The bank’s statement explained that the bank’s existing customers holding a current or savings account in UAE Dirhams or US Dollars are automatically eligible to open the new gold account online to start investing in electronic gold.