Gold prices in Morocco have fallen more slowly than international markets following a sharp global selloff that pushed bullion below $4,000 an ounce, leaving jewelers and buyers waiting to see whether further reductions will reach local shops.
Spot gold dropped 3.5% to $3,880.97 an ounce in late-week trading, its lowest level since October 2025, while US December futures declined 3.3% to $3,898.90, according to market figures cited by Hespress.
The selloff followed heavy losses in technology stocks and renewed concerns over artificial intelligence investments, prompting some investors to liquidate gold holdings to cover trading margins. Silver, platinum and palladium also declined.
In Morocco, the indicative price of raw 18-carat gold fell to approximately MAD 1,020 per gram, down MAD 17, or 1.64%, from Friday’s closing level, according to a local jewelry market tracking platform.
Industry professionals told Hespress that the domestic decline remained considerably smaller than the international price movement, which they estimated could theoretically translate into a reduction of around MAD 70 per gram.
Local prices resist international decline
Moroccan jewelers said international quotations do not automatically determine prices in local markets, where transactions depend on available inventory, demand and the willingness of suppliers to adjust their asking prices.
Sofiane, a gold and jewelry trader in Rabat, attributed the initial MAD 17 decline partly to sellers seeking immediate liquidity after seeing international prices fall.
Some gold holders were prepared to accept approximately MAD 20 less per gram rather than risk larger losses if prices continued dropping, he said.
The decline comes amid weak demand for jewelry, which traders attributed to reduced purchasing power and limited cash availability.
Sofiane said conventional cash purchases had slowed sharply, with much of the remaining business involving customers exchanging older jewelry for newer designs while paying relatively small amounts to cover manufacturing costs.
The weekend timing has also delayed the adjustment of domestic prices, he said, predicting that the global decline could become more visible in Moroccan markets within two or three days.
According to estimates gathered by Hespress from industry professionals, domestic gold prices could fall by another MAD 20 to MAD 30 per gram by midweek if international weakness persists.
A MAD 20 decline per gram would reduce the value of one kilogram of gold by MAD 20,000, potentially placing pressure on jewelers holding expensive inventories.
Traders expect some seasonal demand for lightweight jewelry ahead of New Year’s celebrations, although they said any recovery would likely remain limited against the broader slowdown in sales.
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