Easter Holiday Revives Tourism Sector in Marrakesh

Marrakesh city. (Getty Images)
Marrakesh city. (Getty Images)
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Easter Holiday Revives Tourism Sector in Marrakesh

Marrakesh city. (Getty Images)
Marrakesh city. (Getty Images)

The percentage of reserved hotels in the Moroccan city of Marrakesh reached 83 percent during April, compared to 76 percent for the same month in 2018, according to statistics from the Morocco’s Tourism Observatory.

Hotel reservations in Marrakesh amounted to 894,000, an increase of seven percent compared to April 2017, representing 35.3 percent of the total reserved hotel rooms in Morocco during this period.

During the first four months of 2019, some 2.8 million tourists visited in Marrakesh.

The Observatory said the average stay for each tourist in the city was three nights.

Tens of thousands of Moroccan Jews throughout the world have chosen Marrakesh as their top destination during the Easter holidays a tourist source told Asharq Al-Awsat, noting that this has caused a boom in the city’s tourism sector.

He said Moroccan Jewish community had fully booked 15 hotels in Marrakesh on this occasion.

The source pointed out that Jewish visitors stayed at the city’s hotels for ten days. They visited a number of Jewish attractions, most notably the Chaim Pinto Synagogue in the city of Essaouira (west of Marrakesh), the David Oumushi Synagogue (south of Marrakesh) and Tomb of Rabbi Shlomo Bel Hensh in Ourika on the outskirts of Marrakesh.

Interior Ministry’s statistics revealed that Marrakesh airport received 44.3 percent of the total airport arrivals in Morocco and 37 percent of all tourists crossing the borders through all land, sea and air ports in April.

For the fourth consecutive year, the World Tourism Organization (WTO) has ranked Marrakesh as the best tourist destination in Africa. The TripAdvisor company has also named it as the world’s ninth most beautiful tourist city.



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.