Morocco Gold Prices Hit Record Levels After Global Jump
Morocco gold prices have risen sharply following a 1.7% global increase in spot trading, with gold reaching $3281 per ounce on Wednesday. This immediate spike affected the Moroccan market, where raw gold climbed to 790 dirhams per gram. Crafted gold items soared to over 1000 dirhams. According to the Moroccan Federation of Jewellers, changes in international gold rates often translate directly to local markets. This particular surge, however, is being described as one of the most significant in recent years, raising uncertainty among traders and consumers alike.
Jewellers Respond to Market Volatility
Idriss El Hezzaz, president of the Moroccan Federation of Jewellers, confirmed that the surge in Morocco gold prices was evident by Wednesday and Thursday. The price of 18-karat gold reached 790 dirhams per gram, prompting suppliers to raise their selling rates accordingly. El Hezzaz explained that although higher prices can sometimes raise concerns about fraud, most problems arise from individual unethical behavior rather than market forces. He emphasized the role of professional ethics in maintaining credibility across the gold trade.
Additionally, he pointed out that Morocco sources its gold through recycled jewellery, domestic mining, imports, and smuggling. A large share of mined gold is exported, while imports face multiple barriers. Smuggled gold, meanwhile, continues to circulate through unofficial channels and poses a threat to fair trade.
Oversight Needed as Prices Stabilize
Mokhtar Kroumi, head of the Traditional Jewellers Association in Casablanca-Settat, reported that raw gold prices settled at 785 dirhams per gram. However, many traders chose to wait before purchasing, uncertain whether the increase would continue. Crafted gold now ranges between 870 and 1000 dirhams per gram. In some cases, rare or gemstone-adorned pieces fetch even higher prices.
Kroumi acknowledged the risk of fraud but described such cases as isolated. He urged regulators to intensify inspections without creating unnecessary panic. Overall, Morocco gold prices remain a key concern for both traders and consumers amid the global market’s unpredictability.
