Gold Prices in Morocco Plummet by 30%
In recent days, gold prices in Morocco have experienced a significant decline, plummeting by approximately 30%. This drop has been largely attributed to ongoing tensions in the Middle East, particularly involving the United States, Israel, and Iran. Idriss Elhazzaz, the president of the Moroccan Federation of Goldsmiths and a gold trader based in the Bouhlissiat market in Fez, provided insights into the factors driving this downturn during an interview with "Al-Omq" newspaper.
Elhazzaz explained that major investors have shifted their focus towards the oil sector, leading to substantial sales of gold. This shift has resulted in an increase in supply while demand has dwindled, causing prices to fall. Currently, the price for a gram of 18-carat gold has dropped to around 990 dirhams, down from approximately 1450 dirhams on the stock market, marking a significant 30% decrease compared to previous weeks.
This price decline poses challenges for various stakeholders in the gold sector. Customers looking to sell their jewelry find themselves having to part with their items at lower prices, while interest in purchasing remains weak as consumers await further potential drops in prices. Elhazzaz remarked that such fluctuations are typical in the gold market, and emphasized the need for price stabilization. He called for the establishment of a national refinery to help regulate the market and combat illegal gold smuggling.
Furthermore, Elhazzaz highlighted the sector's struggles, particularly the lack of training and qualified personnel, which has led to a notable decline in the production of gold and silver compared to previous years. He urged for a clear legal framework to govern the profession and mitigate the chaos present in the industry.
As reported by al3omk.com.
