Record gold price squeezes Moroccan jewellery sector
The price of gold has recently surpassed $5,000 per ounce, reaching record highs amid geopolitical tensions and economic instability. This ascent has notable implications for the Moroccan market.
The price of gold has recently surpassed $5,000 per ounce, reaching record highs amid geopolitical tensions and economic instability. This ascent has notable implications for the Moroccan market.
Jewellers and artisans in Morocco are facing significant challenges due to the rising price of gold, leading to reduced profit margins and a decline in customer activity. Some businesses have been forced to cease operations as a result.
Several factors have contributed to the global increase in gold prices. According to gold trader Saad Kamar, supply and demand dynamics are critical, with certain countries purchasing substantial quantities of gold. Additionally, geopolitical tensions and the depreciation of the US dollar within the international monetary system have played strategic roles in the price surge.
The price of gold has recently surpassed $5,000 per ounce, reaching record highs amid geopolitical tensions and economic instability.
The ongoing rally in gold prices continues as of Thursday, marking its potential for the best monthly performance since 1973. Traders and investors are actively observing these developments. The World Gold Council has noted that the price increase is affecting global demand for gold jewellery.
Based on reporting by Africanews.
