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RakBank launches gold investment tool

RAS AL KHAIMAH, May 20, 2015

RakBank has launched RakGoldInvest, an investment tool that allows high net worth customer to invest in gold electronically while saving them the hassle of storing and moving the gold, to provide customers with the opportunity to diversity their investment portfolio.

The customers can buy, sell or hold their investments 24/7 via an online trading platform on the bank’s corporate website, and can convert their RakGoldInvest holdings to physical gold bars at any time, said a statement.

This is the second gold-themed product launched by the bank this year, it said.

Gold is often perceived as an investment haven due to its enduring ability to retain its value and mitigate the impact of inflation. It is the world’s oldest international currency and has proved to be one of the leading asset classes of the 21st century, said the statement.

According to a study by Rhodes Precious Metals Consultancy commissioned by RakBank, gold has produced an average return of almost 13 per cent per annum since 2001, easily outperforming US equities which grew at an annual average of just six per cent over the same period.

In the UAE, the size of Dubai’s physical gold market has grown from just under $5 billion in 2002 to over $55 billion last year, with the emirate acting as the logistical bridge connecting the world’s major physical gold markets.

Peter England, chief executive officer, said: “RakBank recognises the strong appeal of gold investments especially among Asian communities who still largely consider them to be the ultimate store of value even with the introduction of modern financial instruments and asset classes.

“With the launch of RAKGoldInvest and the Kalyan co-branded credit card, Rakbank offers flexible, convenient, and simple gold-themed products that aim to diversify customers’ investment portfolio.” - TradeArabia News Service




Tags: Gold | Invest | RAKBank |

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