Amir Reziq, member of Gold and Jewelry Division of the Egyptian Chamber of Commerce, said continual power outage during the last days have adversely affected the sales of gold causing a state of sharp recession. Accordingly, Reziq noted that gold traders have adopted precautionary measures for insurance to intensify the accident insurance nowadays.
Reziq expected that gold sales will witness breakthroughs during the Eid (the feast which comes after the holy month Ramadan) by the prospected spouses.
Reziq also revealed that some gold traders decided to go for trading in silver or Chinese gold. “To face such expected bankruptcy, some traders decided to liquidate their business, rent their stores out to other traders, or to change their own businesses.” Reziq added
“Traders have incurred losses due to recession. As a result, some traders tend to store the gold and jewelries; while others decided to sell all their goods and deposit their prices in banks so that they could make a decent living.”
