Moroccan jewelers slow to cut gold prices amid global drop
Local gold prices fell 1.64% to MAD 1,020 per gram, far less than the global plunge below $4,000 an ounce.
Gold prices in Morocco have fallen more slowly than international markets following a sharp global selloff that pushed bullion below $4,000 an ounce. Spot gold dropped 3.5% to $3,880.97 an ounce, its lowest level since October 2025, while US December futures declined 3.3% to $3,898.90. In Morocco, the indicative price of raw 18-carat gold fell to approximately MAD 1,020 per gram, down MAD 17, or 1.64%, from Friday’s closing level.
Industry professionals told Hespress that the domestic decline remained considerably smaller than the international price movement. Sofiane, a gold and jewelry trader in Rabat, attributed the initial MAD 17 decline partly to sellers seeking immediate liquidity. Some gold holders accepted approximately MAD 20 less per gram rather than risk larger losses if prices continued dropping. Conventional cash purchases have slowed sharply, with customers exchanging older jewelry for newer designs.
Traders predict that the global decline could become more visible in Moroccan markets within two or three days. Domestic gold prices could fall by another MAD 20 to MAD 30 per gram by midweek if international weakness persists. Traders expect some seasonal demand for lightweight jewelry ahead of New Year’s celebrations, although they said any recovery would likely remain limited against the broader slowdown in sales.
Why it mattersMoroccan jewelers and buyers are affected by the slow adjustment of gold prices to global declines, impacting purchasing power and inventory values.