Egypt's gold market: high prices low sales

The rapid increase in the international and local prices of gold over the past few weeks took its toll on the Egyptian gold market during the Eid Al-Adha holiday.

The Eid is traditionally a high season for the sale of various gold products in Egypt, but sales were very low this year, according to gold traders as prices went to record highs.

“We were waiting for the Eid Al-Adha to revive sales, but that didn’t happen,” said Mohamed Adel, the owner of a jewellery shop in Cairo. “The sudden increases in the international prices of gold have affected us in a bad way,” he added.

Gold is currently trading on international markets at slightly over $1,500 an ounce, with approximately a $100 increase compared to prices at the end of July and the highest since 2013. The absolute high was $1,921.15 an ounce in September 2011.