Revelations of Entities Buying Gold in Large Quantities

Former head of the Sudanese Goldsmiths, Traders, and Exporters Association, Atif Ahmed, revealed that certain entities are purchasing large quantities of gold at rates higher than the global price.

In an interview with Al-Ahdath, Atif questioned the motives behind this trend, calling on regulatory bodies to investigate to safeguard the national economy. He noted that gold prices in Sudan have dropped in line with global market rates.

Atif expressed concerns over the emergence of “ambiguous entities” following announcements about the near launch of a unified gold export window, describing their nature as unclear. He emphasized that during a time of war, the country requires patriotic efforts to serve displaced citizens.

He also pointed to declining gold export activities among Sudanese traders due to various obstacles. Atif criticized the Central Bank of Sudan’s decision to mandate oil companies within the consortium to import petroleum products, describing it as semi-monopolistic and favoring specific companies. He warned of potential hidden personal interests behind the decision and called for simplifying processes and avoiding monopolies, arguing that monopolization would increase smuggling activities.