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Moroccan Airports Receive 5.6m Passengers in Q1 2019

Chinese tourists jump as they pose for photographs at the esplanade of the Hassan II Mosque in Casablanca, Morocco, October 6, 2016. Reuters/ Youssef Boudlal
Chinese tourists jump as they pose for photographs at the esplanade of the Hassan II Mosque in Casablanca, Morocco, October 6, 2016. Reuters/ Youssef Boudlal
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Moroccan Airports Receive 5.6m Passengers in Q1 2019

Chinese tourists jump as they pose for photographs at the esplanade of the Hassan II Mosque in Casablanca, Morocco, October 6, 2016. Reuters/ Youssef Boudlal
Chinese tourists jump as they pose for photographs at the esplanade of the Hassan II Mosque in Casablanca, Morocco, October 6, 2016. Reuters/ Youssef Boudlal

The number of passengers traveling through Moroccan airports reached 5.6 million in the first quarter of 2019, up 9.66 percent year on year, compared to 5.1 million in the same period last year.

Morocco's biggest airport, Casablanca international airport, received 2.23 million passengers, nearly 40 percent of total air traffic between January and March.

Most of the Moroccan cities witnessed a rise in arrivals during this period with a huge turnout at the beginning of the year and also the end.

In this context, Marrakesh Airport received 27 percent of passengers during this period. A total of 1.52 million passengers arrived at the airport, recording a 21 percent increase. Rabat-Salé Airport witnessed a remarkable increase of up to 21 percent.

Southern countries stood out in attracting foreign tourists, especially Zagora Airport that saw a 125 percent increase and Dakhla that witnessed a rise in passengers of 31.2 percent, compared to the same period of last year.

Also, Essaouira Mogador Airport and Ouarzazate Airport for which passengers increased 34.3 percent and 28 percent, respectively.

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Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
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Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices rose over 1% to hit a two-week peak on Friday, heading for the best weekly performance in more than a year, buoyed by safe-haven demand as Russia-Ukraine tensions intensified.

Spot gold jumped 1.3% to $2,703.05 per ounce as of 1245 GMT, hitting its highest since Nov. 8. US gold futures gained 1.1% to $2,705.30.

Bullion rose despite the US dollar hitting a 13-month high, while bitcoin hit a record peak and neared the $100,000 level.

"With both gold and USD (US dollar) rising, it seems that safe-haven demand is lifting both assets," said UBS analyst Giovanni Staunovo.

Ukraine's military said its drones struck four oil refineries, radar stations and other military installations in Russia, Reuters reported.

Gold has gained over 5% so far this week, its best weekly performance since October 2023. Prices have gained around $173 after slipping to a two-month low last week.

"We understand that the price setback has been used by 'Western world' investors under-allocated to gold to build exposure considering the geopolitical risks that are still around. So we continue to expect gold to rise further over the coming months," Staunovo said.

Bullion tends to shine during geopolitical tensions, economic risks, and a low interest rate environment. Markets are pricing in a 59.4% chance of a 25-basis-points cut at the Fed's December meeting, per the CME Fedwatch tool.

However, "if Fed skips or pauses its rate cut in December, that will be negative for gold prices and we could see some pullback," said Soni Kumari, a commodity strategist at ANZ.

The Chicago Federal Reserve president reiterated his support for further US interest rate cuts on Thursday.

On Friday, spot silver rose 1.8% to $31.34 per ounce, platinum eased 0.1% to $960.13 and palladium fell 0.6% to $1,023.55. All three metals were on track for a weekly rise.