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Sudanese Exchange Precious Gold for cash

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Gold business in Sudan begins to be boom as a lot of people exchange the precious metal for cash as the country’s economic crisis shows no sign of slowing down.

 
The people of Sudan are known to save their money in form of gold. Due to protests and the tensions in the country since President Omar al-Bashir was overthrown, more people are selling off their gold savings for cash to survive.
According to our source, a jewelry store owner said, “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.”

For dozens of Jewelry 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, a goldsmith said.

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.

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