Unemployment Drops in Morocco to 8.5%

Employees work at a factory operated by Somaca in Tangiers, file. REUTERS/Stringer
Employees work at a factory operated by Somaca in Tangiers, file. REUTERS/Stringer
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Unemployment Drops in Morocco to 8.5%

Employees work at a factory operated by Somaca in Tangiers, file. REUTERS/Stringer
Employees work at a factory operated by Somaca in Tangiers, file. REUTERS/Stringer

The unemployment rate in Morocco reached 8.5 percent at the end of June after it was at 9.1 percent last year, Reuters reported, quoting the Kingdom’s High Commission of Planning.

HCP said that the job market was marked by a “further decline” in employment rates in cities, however, rural areas saw a rise of unemployment due to aridity.

“The number of unemployed people has declined from 1.1 million to 1.03 million following a drop of 77,000 in unemployed people,” the HCP said.

The report published on Wednesday showed that Morocco’s national economy created 7,000 job opportunities in the second quarter of 2019 compared to the much higher 117,000 in the same period in 2018.

The unemployed rate in urban areas dropped around 84,000 while it rose approximately 7,000 in rural areas. The unemployment rate in urban areas declined from 13.7 percent to 12.4 percent. , however, it rose in rural areas to 3.3 percent from 3 percent.

The Moroccan economy created during this period 210,000 jobs and lost 203, added the report.

It added that the services sector created 167,000 jobs, while industrial sectors created 43,000 jobs. The construction sector lost 27,000 jobs at the national level due to the continuous real estate crisis, while the agricultural sector lost 176,000 jobs due to aridity.

In the statement, the agency said that 132,000 jobs were gained in cities while only 125,000 were provided in rural areas.



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.