A number of gold traders said that the current price of gold could help it have a strong return as a tradable Christmas gift on the market, but unfortunately the new saving certificates of high-yield and the weak purchasing power exclude gold from the race.
They added that there is a sharp decline in New Year's gifts and peripheral sales as a result of the weak tourism sector.
Gold prices, which decreased by about LE10, recently returned to become an appropriate gift in Christmas celebrations, said head of the Gold Division Wadie Antoan.
He said the obstacle to this happening is that banks are preoccupied with issuing the new saving certificates of high-yield, which affects the liquidity of money on the market, along with weak purchases by citizens and sharp fluctuations in gold prices over the past few months.
Secretary of the division of gifts at the Cairo Chamber Alaa Adel expected the market to undergo a recession during the New Year's and Christmas and reduce sales by about 30 percent compared to last year.
Hotels were one of the main parties that bought Christmas decorations, but now the decline in tourism will affect the activity of hotels, said Adel.
Prices of Christmas gifts increased by about 15 percent compared to the previous year due to unstable dollar rates and the increase if tariffs, he added.
Edited translation from Al-Masry Al-Youm
