Now you can trade in gold electronically from wherever you are without using a broker or dealing with the risk of gold storage
- Buy or sell gold from wherever you are
- Get 24/7 access to your gold deposit account online
- As gold is held electronically, no physical storage is required
- Stay liquid with the ability to convert gold to cash and back
- Earn competitive interest on your gold investments
Frequently Asked Questions:
Will I be issued with a cheque book and/or ATM card for this account?
No, ATM cards and cheque books are not issued.
How does the NBF Gold Deposit work?
Like any other foreign currency account, the Gold Deposit account works with the currency code XAU and is denominated in ounces. You can purchase gold without taking physical custody of it and maintain the deposit in electronic form, while earning interest on it.
How will I store any gold purchased?
As the gold is held electronically, you won’t have to deal with the risks of storing and moving physical gold.
Who holds the risk associated with any gold investment I make?
The quantity of gold purchased by you remains constant and any risk associated with an increase or decrease in the price of gold is held with you, the customer.
Can I redeem the actual gold that I have purchased?
No, no option for physical gold redemption exists.
Can I withdraw cash from this account?
No, you will not be able to withdraw cash from the Gold Deposit. The deposit can be closed and the gold can be transferred to your Gold Account or sold off, with the money being credited to your linked account.
Who can open an NBF Gold Deposit?
UAE nationals and expats with valid residence visas are eligible to open a Gold Deposit. You can only open an NBF Gold Deposit if you have an NBF Gold Account. To open a Gold Deposit account, an application form needs to be completed and you will be required to provide proof of identity.
How can I buy gold using the NBF Gold Deposit?
You will give NBF an instruction to purchase gold in the number of troy ounces you would like to invest in. NBF will buy the gold on your behalf at the prevailing rate of the day. The money will be debited from your AED/USD account and your Gold Deposit will be credited with the ounces purchased.
What is the rate at which I can purchase gold?
The daily rate from treasury is applied and may vary. Your NBF Relationship Manager or any branch staff can inform you about what the daily rate is.
Do I need to maintain a minimum balance?
Yes, you need to maintain a minimum of one ounce in the Gold Deposit. Accounts not funded for three months will be closed.