Head Office
Alfardan Center 6th Floor
Grand Hamad Street
PO Box 339 - Doha, Qatar
+974 4453 7777
Mr. Bashar Al-Waqfi, CEO of Alfardan Exchange, confirmed that investing in gold offers protection against inflation and enhances financial security during times of crisis. In an interview with Al-Raya Economic, he said that gold is a strong asset that retains its value over the long term, serving as a “store of value.” Gold is a rare metal that cannot be artificially manufactured in laboratories, which supports its enduring value over time.
He added that gold is considered a safe haven as it retains its value over time and is unaffected by economic fluctuations or inflation in the same way as paper currencies. The consistent and ongoing demand for gold in industries and jewellery strengthens its stability during financial or political crises. Gold is widely available in local markets in various forms and of the highest quality, thanks to regulatory bodies such as the Qatar Central Bank, the General Authority of Customs, and the Ministry of Commerce and Industry.
Types of Gold Bars
In response to a question about the types of gold bars or coins that can be purchased, Bashar Al-Waqfi stated: “You can buy gold manufactured in Switzerland or the UK, where these countries host some of the most prestigious brands in gold bars and coins, such as ‘PAMP’ and ‘Royal Mint’ (the British Royal Mint).” He noted that Alfardan Exchange is official agent for these two renowned brands in Qatar.
He emphasized the importance of renowned brands, as a globally recognized brand guarantees high liquidity for the gold bar, making it easily tradable worldwide. While various purities of gold bars are available, he strongly recommends purchasing bars with the highest purity, known as 24 karat or 999.9 gold.
Buying and Selling
Regarding how to buy gold bars, Bashar Al-Waqfi explained: “You can purchase gold bars through Alfardan Exchange branches across the country or via our digital channels (the Alfardan Exchange send money App). We always recommend buying from authorized agents and obtaining an official invoice containing the bar’s certification number and other details.”
He also advised diversification, suggesting that individuals spread their investments across multiple weights rather than investing in a single large bar. For instance, purchasing four 250-gram bars is better than buying one 1-kilogram bar. This approach provides flexibility in cases where only partial liquidity is needed, avoiding the necessity to sell an entire bar at an unfavourable price. He added that Alfardan Exchange offers a variety of gold bar sizes, ranging from 1 gram to 1 kilogram.
When asked about selling gold bars, Bashar Al-Waqfi said: “There are multiple selling options, such as visiting any of our branches in person. You can also sell to gold shops across the country. As previously mentioned, all gold dealers welcome purchasing well-known branded gold bars.”
Gold Prices
Responding to a question about the current price of gold per kilogram and per ounce, Bashar Al-Waqfi said: “The price of 1 kilogram of gold currently ranges from 320,000 to 325,000 Qatari Riyals. However, this price is highly volatile and can witness sharp fluctuations, with daily variations in the price of an ounce reaching as much as $100.”
The price of an ounce is approximately 10,000 Qatari Riyals, and it weighs 31.1 grams.
Gold Stamp
Regarding the hallmark on gold coins or bars, Bashar Al-Waqfi explained: “The stamp is a mark or logo imprinted on the coin or bar to certify its source, such as the manufacturer’s name (e.g., PAMP), along with details like weight and purity (e.g., ‘1 Ounce 999.9’ to confirm 99.99% gold purity).”
How to Safely Store Gold Bars
When asked about safely storing gold bars, Bashar Al-Waqfi stated: “Using safety deposit boxes in licensed banks is the most secure option. However, given Qatar’s high-security standards, storing them at home in a secure safe is also a very reasonable option.”
A Surge in Gold Investment Demand
Responding to a question about the growing demand for gold bars or coins, Bashar Al-Waqfi said: “The demand for gold bars and coins has witnessed a significant surge globally due to the increasing trust in gold compared to paper currencies, especially during periods of economic and political instability and inflation. Gold serves as a safe haven for investors seeking to protect their wealth, driving its demand alongside the consistent demand from central banks to build reserves and large investment funds.”
Price Predictions Indicate Continued Growth
On current price levels and future expectations, Bashar Al-Waqfi said: “The sharp price fluctuations have characterized gold over the past few years, generally trending upwards in the medium term. For instance, over the last five years, gold prices have risen by approximately 70% per ounce. Although short-term price predictions are difficult, long-term expectations lean towards continued growth and new record highs.”
Starting Gold Investment with 300 Qatari Riyals
When asked how to start investing in gold amid record-high prices, Bashar Al-Waqfi replied: “What may seem like a peak price today might not be so in a month or two. The best strategy is balance, such as splitting the investment into two parts to hedge against different outcomes. Investing in gold does not require large amounts; you can start with a single 1-gram gold bar priced at about 300 Qatari Riyals and then continue building a habit of saving in gold.”
