Gold retailers slowly resume business

Gold retailers slowly resume business

 (AFP Photo)

(AFP Photo)

By Basma Tharwat

Gold retailers have slowly begun to resume business two weeks after having closed their doors due to protests and acts of violence recently being witnessed throughout the country. Wasfa Amin, Chairman of the Gold Artifacts Division, stated that gold shops have begun to re-open for the first time since the army’s dispersal of pro-Morsi sit-ins at the Raba’a Al-Adaweya and Nahda squares, and what followed it in the way of chaos and acts of violence being committed. This led many gold vendors to close their doors, especially after the imposition of curfews in various governorates throughout the country.

Nadi Naguib, Secretary of the Gold Artifacts Division within the Cairo Chamber of Commerce, stated that 80% of the country’s gold shops had re-opened their doors on Tuesday. Tuesday is considered the first day of the week for gold vendors, due to the fact that international markets cease operations on Fridays and Saturdays. Sundays meanwhile are considered an official vacation for gold vendors. Naguib added that vendors had recently taken a number of precautionary measures to prevent acts of violence, such as putting on display the lower priced goods, in addition to closing early, due to the lack of security seen throughout the country.

He called for security details to be increased in neighbourhoods and streets known to be home to a large number of gold vendors. Ahmed Shahin, Chairman of the Stamp and Weights Authority, stated that the Authority would continue its previous efforts to monitor the market, due to persistent lapses in security seen throughout the country.

The price of gold increased Tuesday, with 21 carat gold increasing EGP6 per gram reaching EGP280, compared to EGP274 on Monday. 18 carat gold increased to EGP240 per gram, compared to EGP236 on Monday. 24 carat gold increased to EGP320 per gram, compared to EGP314 on Monday, while the price of a pound of gold increased EGP50 from EGP2210 on Monday to EGP2260 on Tuesday.

Translated from Al Borsa newspaper

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