Gold price in Morocco: trajectory and explanatory factors
Gold price in Morocco, determined daily by Casablanca Stock Exchange and published by the Ministry of Economy, closely follows the international price (London Bullion Market) adjusted by MAD/USD rate. As of May 15, 2026, quotations show: (1) Pure gold (24 carat, 999/1000) — 940 MAD/g, i.e. 940,000 MAD/kg. (2) 22-carat gold (916/1000) — 860 MAD/g (Moroccan traditional jewelry quality). (3) 18-carat gold (750/1000) — 720 MAD/g (international standard jewelry quality). (4) 14-carat gold (585/1000) — 560 MAD/g. Progression over 12 months (May 2025-May 2026): +22% in MAD, +18% in USD.
Traditional jewelry demand: 18 billion MAD/year market
The gold jewelry market in Morocco represents about 18 billion MAD in annual turnover, of which 65% in traditional jewelry (artisan souks of Fès, Marrakech, Casablanca) and 35% in modern jewelry. By volume, about 22 tons of gold are consumed annually by the jewelry sector. The price surge has paradoxically boosted jewelry demand: +18% over 12 months, driven by: (1) 'Safe-haven investment' effect. (2) Sustained matrimonial demand (Shabka dowry). (3) MRE visiting in summer making bulk purchases. (4) Salary inflation effect.
Bank Al-Maghrib reserves: 22 tons, Africa's 5th position
Bank Al-Maghrib has significantly strengthened its gold reserves since 2020, going from 18.2 tons to 22.0 tons end-2025 (+21%, i.e. +3.8 tons acquired over 5 years). At current price, these 22 tons represent a value of 20.7 billion MAD, i.e. 3.2% of total BAM reserves. In the African ranking of gold reserves by central banks, Morocco occupies **5th position** behind: Algeria (173.6 t), South Africa (125.4 t), Libya (116.6 t), Egypt (126.5 t).
2026-2027 outlook: prices rising, caution on entry
Financial analysts anticipate for end-2026: world price around 2,400-2,600 USD/oz, i.e. projection for MAD 780-830 MAD/g for 18-carat gold end-December 2026. Recommendations for Moroccan savers: (1) Gold should represent 5-15% of diversified portfolio. (2) Prefer fractionable formats. (3) Avoid panic buying at peak — spread purchases over 12-18 months (Dollar Cost Averaging). (4) Don't confuse jewelry and investment.
Article based on official public data + wafir.ma expert sources. All cited statistics are verifiable with the mentioned organizations.
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