A global increase in gold prices has spilled over on the Moroccan market, where gold reached a record high of MAD450 per gram, driving away customers and drawing up worries among sellers.
Global prices have jumped to USD40 per gram and are likely to increase further, in light of the inflation that drove up the prices of fuel and food products prices.
The jeweler Mohamed Ait Baih, owner of Lamsa jewelry store told Hespress EN that gold prices are currently set at MAD450 per gram, up compared to MAD410 set in the previous days.
“When there is a great demand in gold, prices soar, and if it is not the case, prices remain affordable,” he specified.
Temara-based Jewelry’s owner said clientele decreased in recent days, with only 5 to 6 customers a day, compared to the dozens that he used to receive previously.
Economy expert Najib Akasbi told Hespress EN, “the rise in gold prices was expected, as it is automatically linked to international facts,” noting that in the world of economy, whenever demand exceeds the offer, the increase in prices is highly expected.
The expert added that whenever there is a crisis that is affecting the international markets, it is obvious that gold prices will soar.
Akasbi explained that investors mostly switch their stocks into gold in such circumstances as a refuge investment, following its value that is unchanged no matter global changes.
“Gold lingos may also be found physically in investors’ coffers, which are a source of safety for their wealth,” he said, adding that, “when there is an unclear future, gold is the first option for investors, instead of other forms of investment,” he added.
add your comment
Terms of publication : Not to offend the writer, people, sacred things, or attack religions or the divine self, and refrain from racist incitement and insults.