Morocco
The price of gold has been on the rise in both local and international markets – a trend that analysts attribute to currency volatility, and geopolitical tensions.
According to analysts, the trend can also be explained by worries over U.S. government debt and political interference in monetary policy.
As a result, some traders in Morocco are having difficulty selling the product.
Among them is Mouhcine Baydi, who says, ”we are having difficulty selling our product, especially in the purchasing process. Women find it very expensive , really very expensive, 1600 dirhams for just one gram. Before, there were women with difficult financial situations who used to choose a piece of jewelry and pay in installments. Each month they would come and give a small amount of money, for example 1000 dirhams per month, and when they completed the full price of the jewelry, they would take it. It was like we were giving them credit. Now this is impossible because the price of gold is not stable.”
The yellow metal is viewed as a safe haven asset during times of economic instability.
As traders up their prices, consumers are feeling the effects.
Trader Maroua Benkiran says, “the price that gold has reached now has never been this high before, and even selling has become really difficult for us. Because we agree with the client on a price, but in the end when they come back, they find a different price and they get upset.”
Financial experts have warned individuals to stay up to date about market trends before investing in gold, and to invest with caution.
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