Tuesday 7 October 2025 – 17:18
As global gold prices broke historic records above 3,900 dollars an ounce, Morocco’s jewelry market is bracing for what traders call “an exceptional year.” While investors eye opportunity, jewelers warn of deepening stagnation as purchasing power erodes.
The surge follows growing fears over global debt, a prolonged U.S. government shutdown, and expectations of further Federal Reserve rate cuts. Futures for December delivery climbed to 3,956 dollars, with HSBC predicting the metal could exceed 4,000 dollars amid geopolitical risks and financial uncertainty.
In Morocco, local goldsmiths told Hespress that demand has sharply declined since summer, even as prices could rise by another 5,000 dirhams per kilogram by year’s end. The Moroccan Federation of Jewelers said volatility and the absence of a national gold trading platform are straining the sector.
Casablanca jeweler Hassan Oudaoud said the rally benefits early investors but dampens day-to-day sales as customers await price stability.
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