Gold above $4,000: A safe haven in turbulent times

Gold has just crossed a major symbolic and psychological threshold. On the night of October 7 to 8, the yellow metal exceeded $4,000 per ounce for the first time in its history, reaching $4,001.11 (and occasionally slightly higher) on the spot market. This unprecedented surge illustrates the nervousness of financial markets in the face of mounting economic, political, and geopolitical crises around the world.
This surge is no accident. Since the beginning of the year, gold has climbed more than 50%, driven by a climate of global uncertainty.
In the United States, budget deadlocks and the threat of federal government shutdowns are fueling fears of a technical default. In Europe, political tensions, particularly in France, are reigniting concerns about the continent’s stability. Adding to this turbulence are persistent geopolitical hotspots— Ukraine, the Middle East, the South China Sea—which are maintaining a climate of risk aversion. In this context, gold, a tangible and universally recognized asset, is once again becoming the ultimate safe haven. Every financial shock reinforces its appeal, every crisis revives the collective memory of investors: when everything else is faltering, the yellow metal remains standing.
The global surge in the price of gold has not left Morocco unaffected. Although the Kingdom produces virtually no gold, it is directly impacted by price fluctuations, as the local market is entirely dependent on international prices. A gram of 24-karat gold now trades between 1,120 and 1,180 dirhams (USD 123 to 130). Meanwhile, a gram of 18-karat gold, which is in greater demand, trades at nearly 900 dirhams, according to the latest information gathered from market professionals. This level weighs heavily on jewelers and makes purchases more expensive for households. However, these high prices have not dampened the growing interest of individuals in gold as a store of value, especially in a context of economic uncertainty.
The surge in the price of gold is not just a speculative episode. It reflects a lasting change in savings behavior, in Morocco as elsewhere. Gold is establishing itself as a trusted asset in an uncertain world, but it is not immune to volatility. It is therefore wise to invest in it in moderation, favoring official channels and professional advice.
Fédoua Tounassi