Goldsmiths market and the insane rise in gold prices
The effects of a huge and sharp rise in gold prices in Egypt, and prices continue to record jumps in the Egyptian markets, sparking widespread controversy through social networking sites and a discussion about the future of its prices, and whether it is an opportunity to buy or an opportunity to sell, and the extent of its impact on low-income families.
History of gold
Over time, gold remains in front of two images. The first is that it is the master of all metals in a mysterious way, and the second derives its strong presence from its scarcity. Gold, according to the ancient Egyptians, is a beautiful story that invites contemplation of this precious metal. Gold remains a consort of wealth, but in ancient Egypt it was also associated with power and remained synonymous with its meaning, as it was associated with a spiritual moment in which bodies crossed into the spirit world, where the ancient Egyptians believed that the bodies of the righteous dead who became bright souls turn after their death into bodies of gold.
The ancient Egyptians left about 120 gold mines in the eastern desert extending to Sudan, and it was used only for personal adornment and not as a currency.
The oldest known map of a gold mine was drawn in the Nineteenth Dynasty in ancient Egypt, around (1189 BC).The first written reference to gold was recorded in the Twelfth Dynasty, around 1900 BC, and it was written since 2600 BC a description of gold in ancient Egypt, as claimed by King Tushratta of Mitanni, who ruled in 1382-1342 BC, at the end of the reign of Amenhotep III. During the reign of Akhenaten, around the end of the fourteenth century BC, gold in Egypt was "more abundant than dirt."
Egypt, especially Nubia, possessed the necessary resources to make it major gold-producing areas for a long period of time during ancient Egyptian history.
Ancient Egyptian jewelry was worn by both men and women, young and old, royal and ordinary. The great thing is that because they were buried in tombs, we still have countless pieces in beautiful condition. You can then take a look at the exceptional craftsmanship of the pieces. , and also marvel at how abundant gold was in those times.
Gold and Ancient Egypt
The ancient Egyptians are the first peoples of the earth to use gold, as they have come up with the methods for the search, extraction and extraction operations, as they put their hands on all of Egypt's gold reserves, and the process of extracting gold was supervised by wise men and priests.
Gold Price Nowadays
A huge and sharp rise in gold prices in Egypt sparked widespread controversy on social media and a discussion about the extent of its impact on low-income families.
This comes while many Egyptians are anticipating any change in the exchange rate of the Egyptian pound against the dollar, after news of a possible significant decline.
We made an interview with one of gold stores owners “ Mohamed Ahmed Abbasi “ we asked him about the reasons behind the raise in prices he said “ the prices increase according to the market “ he also said that when the prices increase the buying and selling transaction increase.
The Gold market in Egypt
We visited the gold market in Egypt. Al-Sagha is a market for gold, precious stones, and silver (it is also the gold exchange in Egypt). The goldsmith market is located in the heart of Fatimid Cairo, on the opposite side of Al-Ghoriya Market, from the intersection of Al-Azhar Street with Al-Muizz Li-Din Allah Al-Fatimi Street.
The main street of the goldsmiths begins at the entrance of Al-Moez Li-Din Allah Street, on the side of Al-Azhar Street, on the opposite side of Al-Ghouriya Market.
Al-Sagha
Al-Sagha is an area containing shops, most of which are stationed on the main street, and workshops in alleys and alleys, and each lane has its own specialty, such as Al-Salihiyaneighborhood.
Al-Sagha isba street sparkling with its precious stones, shops close to each other, their goods almost united, one of the shops emits a “zaghrouda” sound of a woman who is happy to buy her daughter’s “net”, and hints at a man accompanied by his wife who came to add a bracelet or two to her forge, because they have gold “Safety from the treachery of time and money parked for the time of a rut. Shops that exceeded 40 shops, and the same number of workshops for the manufacture of gold and jewelry inlaid with precious stones,
From Al-Moez Street in the south to the Jewish Quarter and Khan Abu Taqiyya in the north, jewelry stores line up in Al-Moez Cairo to form one of the largest and oldest markets in the world in the gold trade, the goldsmiths’ market. This market achieved exports of the yellow metal worth thirteen billion and seven hundred thousand pounds during the first half of this year Which made gold come in second place in the list of Egyptian exports.
Approximately fifty thousand pieces of gold are displayed daily in the largest open museum of gold, “Souk Al-Sagha”, which was established in 1930 and started as a workshop for gold artifacts, then it has now developed into factories working with six carats of gold, starting from 24, which is the highest gold, and ending with 9 carat, which is the lowest gold.
« The economic slowdown led to the availability or existence of financial liquidity for some, which led to their desire to injectsomething that would bring them investments or returns, so theyresorted to buying gold, so the demand for it became more thanthe supply. » Wassef Al-gwahrgy owner of a gold shop said.
The purchasing value of gold increases within the goldsmiths’ market during marriage dates and during economic turmoil, as the yellow metal remains a storehouse of the safest value and the most stable investment for many.
The goldsmiths market is not limited to facades full of artistic and precious pieces of jewelry, but there is another world that is formed from a large group of workshops for forming gold and engraving on it, and the goldsmiths market is one of the largest markets in the world in gold visited by Egyptians, Arabs and foreigners
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