Reducing Artifacts … How Gold Merchants Move Sales With Leaps

04:39 PM

Friday 04 September 2020

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I wrote – Sherine Salah:

Gold traders in Egypt tended to reduce the weights of gold jewelry in the shops during the last period, in light of the leaps of the yellow metal on the global stock exchanges, according to what gold dealers spoke to Masrawy.

Gold prices in Egypt have witnessed sharp movements since the Corona crisis, amid contradictory cases of optimism and pessimism among investors around the world that have pushed them to rapid changes in their investment decisions.

Nadi Naguib, former general secretary of the gold division of the Cairo Chamber of Commerce, told Masrawy that gold traders during the period of gold leaps in the markets resorted to reducing the weights of gold jewelry, such as rings, bands, and robots to help move the market.

According to Naguib, with the rise in gold prices in the markets, there is a stagnation in the buying and selling movement, indicating that only those who have to buy during the period of rising prices, “for example weddings and engagements.”

Nagy Farag, head of the Economic Committee in the Division of Gold Traders at the Cairo Chamber of Commerce, agreed with him, saying that during this year, and with the great jumps in gold in the markets, they decided to reduce the weights of many of the gold jewelry that customers accept to buy.

Faraj added, for example, the weights of the bouquets in the shops were starting from 6 and 7 grams, and their weight was reduced to start from 3 and 4 grams.

According to Faraj, the weight reduction came to help clients who are about to get married more, “whoever buys a gold set, for example, currently can weigh 30 or 40 grams, unlike the previous one, was higher than this weight.”

The price of a gram of 21-carat gold today, Friday, was 850 pounds, and the price of a gram of 18-carat gold was about 728.6 pounds, and the price of a 24-carat gram was about 971.4 pounds, and the price of a pound of gold reached 6800 pounds.

Traders described the buying and selling movement in the current market as medium, hoping that the movement would return to the same as before.

Exciting gold price movements in Egypt during August (interactive shovel)

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