HIBAPRESS – Rabat
Gold prices continued their decline on Monday, affected by the rise of the US dollar, while investors await the expected trends of Kevin Warsh, the US President's nominee for the Federal Reserve Board, and what signals it may carry about future monetary policy.
By 09:39 Moscow time, spot gold contracts fell by 9.94% to reach $4,413 per ounce, after touching their lowest level in more than a week during trading last Friday. The future contracts of the yellow metal for delivery in April on the Comex exchange also fell by 4.93%, recording $4,511.2 per ounce. In Morocco, this sharp decline has been directly reflected in the gold market, causing tension and instability within jewelry stores. A number of sellers expressed their discontent with the sudden drop in prices, stressing that it caused them significant financial losses, especially since many of them bought gold days ago at high prices. Professionals pointed out that the gap between the previous purchase price and the current selling price led to heated discussions with customers, in light of the difficulty of selling gold at prices lower than its cost. According to industry professionals, the selling price of gold in Morocco today ranges between 1,300 and 1,500 dirhams per gram, depending on the type of carat, "models" and manufacturing costs.
