Gold prices in Sudan fell sharply on the second day of the Eid al-Adha holiday, according to traders in local markets.
The price of an ounce of gold dropped by about $150 from Thursday’s high of $4,366, marking a significant decline in a short period.
Traders said the fall was driven by a severe cash shortage that has disrupted commercial activity across the country.
Ongoing problems with electronic banking services also slowed trading, leaving buying and selling operations largely at a standstill.
Mutasim Muhammad Saleh, Secretary-General of the Gold Exporters Division, said the decline was also linked to falling prices on international markets.
He pointed to geopolitical tensions in the Gulf region and recent political developments as factors weighing on global gold prices.
The Eid holiday further reduced market activity, as many major gold traders temporarily left key commercial centres. At the same time, production declined as artisanal miners suspended work during the holiday period.
Industry data shows that traditional mining accounts for around 80 percent of Sudan’s gold output, with most production concentrated in the Nile, Northern and Red Sea states.
Despite gold remaining Sudan’s most important export commodity, concerns persist over widespread smuggling.
Estimates suggest that up to 60 percent of the country’s gold production is smuggled across borders, depriving the state of significant export revenues.
Gold currently represents more than 58 percent of Sudan’s official exports.
