Emirates NBD, the largest bank in Dubai, has launched the first branded gold bullion in the UAE under the name Emirates NBD Gold for retail customers and investors.

This product is offered to all customers through the Emirates NBD Gold certificate, which can be redeemed at any time and allows for storage of the bullion in the bank or delivery at any location in the UAE.

Customers can purchase, track, and redeem gold bullion through the ENBD X mobile banking app.

This product is available in weights of 10, 50, and 100 grams with the bank's logo, and each bullion comes with a certificate of authenticity and ownership.

Branded gold bullion in Dubai is particularly attractive for investors concerned about the purity and resale value of unbranded gold.

Experts believe that the branded gold bullion will not significantly impact the demand for traditional gold shops in Dubai. Price-conscious buyers are reluctant to pay a premium for branded bullion, and gold sellers still have the advantage of selling at prices closer to global rates.

Branded gold offers premium banking services and benefits but also comes with higher costs for storage and management. The price of gold has risen by 64% this year, approaching a record high of $2,731 per ounce.

In Dubai, people typically buy investment gold from local gold shops, but there are concerns about purity and resale. The new Emirates NBD product addresses these issues by guaranteeing authenticity and simplifying the buying and selling process, providing better liquidity for investors. Source: National News