- Buy and sell gold from wherever you are
- Enjoy 24/7 access to your gold account online
- Gold is held electronically, eliminating the need for physical storage
- Trade in gold directly, without the need for a broker
- Convert gold to cash and back whenever you need liquidity
Frequently Asked Questions:
How does the NBF Gold Account work?
Like any other foreign currency account, the Gold 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 investment in electronic form.
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.
How can I buy gold using the NBF Gold Account?
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 Account will be credited with the ounces purchased.
Will I be issued with a cheque book and/or ATM card for this account?
No, ATM cards and cheque books are not issued.
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.
How do I liquidate my NBF Gold Account?
You can liquidate your account by giving an instruction to NBF to sell your gold investment at the prevailing rate and to transfer the funds from that sale to your customer account.
Can I redeem the actual gold that I have purchased?
No, no option for physical gold redemption exists.
Does this account generate interest?
No, as earnings are dependent on the gold price, interest is not paid in this account. If you would like to earn interest on your gold investments, consider the NBF Gold Deposit Account.
Can I withdraw or deposit cash from this account?
No, you will not be able to deposit cash into the Gold Account or withdraw cash from it.
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.