UAE-based financial services firm Mashreq has rolled out a new account that provides customers with an option to purchase gold online.

Known as the "Gold Edge Invest Account", the new offering will allow users to own, buy and sell gold currency (XAU) from their doorstep without worrying about security or handling problems.

Furthermore, the accountholders can convert their gold units back to cash at any time, while enjoying various benefits that come along with a Mashreq relationship.

Mashreq senior vice president and Mashreq Gold head Caetano Fernandes said: "We recognised the need to introduce this service in the UAE as we closely studied the market and realized that volume of gold trades in Dubai shot up in 2014, from a mere $5 Billion in 2003 to a whopping $75 Billion in 2013.

"Gold has also historically been considered an effective hedge to inflation, so if you’re worried about the erosion of your savings because of rising inflation you might want to consider the Gold Edge Account at Mashreq."

Mashreq Gold operates as the priority banking unit of Mashreq.

Establised in 1967 as Bank of Oman, Mashreq specializes in banking services, particularly in retail banking. It was the first to launch such products as travelers’ cheques, credit cards and ATMs.