Morocco: traders struggle to sell gold as prices rise

The price of gold is experiencing an upward trend in both local and international markets. This increase is attributed to factors such as currency volatility and geopolitical tensions. Additionally, concerns over U.S. government debt and political interference in monetary policy contribute to this trend.

Some traders in Morocco, including Mouhcine Baydi, are facing difficulties in selling gold. The current price of gold, at 1600 dirhams per gram, is considered expensive. Previously, customers with financial constraints could purchase jewelry on an installment basis, but this option is no longer viable due to price instability.

Gold is traditionally viewed as a safe haven asset during periods of economic instability. However, as traders adjust their prices, consumers are experiencing the impact. Trader Maroua Benkiran notes that the unprecedented high prices make selling challenging, as agreed prices may change by the time transactions are completed.

Financial experts advise individuals to stay informed about market trends and exercise caution when investing in gold. Keeping abreast of market changes is essential for making informed investment decisions.

Based on reporting by Africanews.