Due to economic recession and declining foreign currency reserves, Egypt has recently devaluated its local currency to maintain a stable dollar price, which has risen from 8.85 pounds to 15 or 16 pounds in the official market.

"A lot of gold stores were unable to endure these large drops. One kg of gold now costs over half a million pounds, which can start a good business in any other field, but not the gold one," said Ibrahim Heeba, a manager at the store.

Heeba explained that those who buy gold get worried when gold prices are unstable, adding that the amount of traded gold also gets lower due to the price hikes.