Sharp Slowdown Hits Gold Market During Ramadan… 80% Drop in Jewelry Sales

Gold markets have been witnessing a pronounced slowdown since the final days preceding Ramadan, with retail activity declining sharply across jewelry shops.

According to market traders, stagnation has reached nearly 80% in gold jewelry sales, while bullion sales have dropped by حوالي 60%, reflecting a clear contraction in both consumer and investment demand.

Traders attribute the downturn primarily to expectations among some buyers that prices may retreat toward the EGP 6,500 per gram level, prompting many to delay purchases in anticipation of lower entry points.

Seasonal spending patterns during Ramadan have also redirected liquidity toward essential goods and household expenses, particularly as the period coincides with month-end financial pressures and limited disposable income for many families. In addition, some customers are waiting for bank deposits and savings certificates to mature in the first ten days of the month before committing to gold purchases.

Market participants note that the slowdown is not confined to a specific area but is widespread across numerous retail outlets, underscoring a broader wait-and-see sentiment currently dominating the gold trade.