Gold prices in Morocco witnessed a noticeable decline in recent days, as its average price decreased slightly during the past few days, so that the price of an ounce moved from 27,463.50 dirhams on October 30 to 26,873.50 dirhams yesterday, Tuesday, November 5, 2024. In details of karats, 18-karat gold prices decreased. , which is widely spread in Morocco, from 662 dirhams to 648 dirhams yesterday, Tuesday.
Gold prices by karat on November 6, 2024 reached 848 dirhams for 24 karat, 777.50 for 22 karat, 742 for 21 karat, and 636 for 18 karat, which reflects a continuation of the downward trend in prices. The value of an ounce in dollars reached $2,667.59, indicating the effects of the global exchange rate and international fluctuations on the Moroccan market.
Gold’s declines came against the backdrop of Donald Trump’s victory in the 2024 US presidential elections, amid expectations that Trump will implement stimulative policies for the economy, which will lead to a recovery in activity in the largest economic power in the world, which will prompt a boom in risk appetite in the markets and increased demand for US stocks and the dollar. .
As a result of the strong rise of the dollar, it appears that investors holding foreign currencies, other than the dollar, have found that gold denominated in the US currency has become more expensive compared to other assets, which has increased selling pressure for gold contracts, which has been reflected in the markets.
As for today’s trading, the prices of spot gold contracts fell strongly by about 3.02%, losing about $82.88 of their value, reaching approximately $2,662.22 per ounce. The prices of gold futures contracts that will be delivered in December also fell by about 2.85% to record $2,671.25 per ounce.
