Gold business in Sudan seems to be booming as more people exchange the precious metal for cash as the country’s economic crisis shows no sign of slowing down.
Sudan trades in precious gold for cash
Many Sudanese save their money in form of gold. Due to protests and the tensions in the country since President Omar al-Bashir was ousted, more people are selling off their gold savings for cash to survive.
“People come to sell more than we buy, because of the situation we have been living in. to sell because they have no more cash,” said Bachir Abdallah Ali, jewellery shop owner.
For dozens of Jewelery shops in Khatourm, the high business has not meant more profits as gold prices have fallen.
“We have not seen any difference, but prices went down.” Gold used to be bought at 3500 (Sudanese pounds), now it’s 2700 or 2800 gold so If you want to sell it’s 2850, it’s not a big difference,“said Abderrahman Mohammad Abderrahman, goldsmith.
Violent clashes between Sudan’s military council and pro-democracy protesters has led to a deadlock on negotiations on a transition, which some believe could deliver an economic recovery.