With Rising Inflation and Increasing Prices, Gold Becomes a Safe Haven for Moroccans to Protect Their Savings
As economic pressures and inflation rates rise in Morocco, many citizens are turning to gold as a safe haven to preserve the value of their money amidst currency fluctuations. Gold, being a tangible asset that maintains its value over the long term, is witnessing high demand in Moroccan markets, whether for investment or adornment purposes. Moroccan women, in particular, view it as a financial safeguard that can be relied upon during difficult economic times.
In this context, economic analyst Omar Kettani stated that the demand for gold is directly linked to inflation and the strength of the Moroccan dirham. He explained that if inflation rates continue to rise, the national currency may be negatively affected, leading to a decrease in its value against foreign currencies, particularly the dollar.
Kettani added, in a statement to the weekly Al-Michaal, that these conditions might lead to higher gold prices in local markets. Additionally, the International Monetary Fund might recommend a devaluation of the dirham, making gold an even safer investment option for citizens.
As for the current gold prices in Morocco, the price per ounce is around 26,982.28 dirhams, while a kilogram costs about 867,506.50 dirhams, and half a kilogram is priced at 433,753.03 dirhams. These prices reflect the growing demand for gold, with some people viewing it as an investment that protects them from the erosion of the purchasing power of the national currency.
The interest in buying gold extends beyond investment; it is also widely used in social occasions and celebrations. Acquiring gold jewelry is part of Moroccan cultural tradition, and as prices increase, so does its appeal. This ensures that gold owners can benefit from a profitable return if they ever need to sell.
