In short
- Gold and metals can weigh on mining companies.
- Oil affects costs, inflation and public finances.
- The dirham moves within a ±5% band, around a basket of 60% euro and 40% dollar.
- None of these links is automatic.
Gold and metals
A mining company sells its metals at a price largely set on world markets. When this price rises, its income can increase. When it falls, income can drop, and its costs do not necessarily fall as much.
A real example: according to Boursenews, gold lost 3.6% on Friday, October 30, 2026, then stood at 3,900.14 dollars an ounce on the morning of November 2.
Oil
- Transport and industry can see their costs rise.
- Fuel distributors are affected through prices and stocks.
- Inflation and imports can be affected, because oil is bought in foreign currency.
A real example: according to Boursenews, crude fell 4.5% on November 2, 2026, to about 99 dollars a barrel, on hopes of a diplomatic solution between the United States and Iran.
The dirham
According to Bank Al-Maghrib, the fluctuation band was widened to ±5% on March 9, 2020. The central rate is calculated on a basket of 60% euro and 40% dollar. According to Boursenews, one euro was worth 11.083 dirhams on October 2, 2026.
| If the dirham weakens | Possible effect |
|---|---|
| A company that exports | Its sales in foreign currency are worth more in dirhams |
| A company that imports | Its purchases in foreign currency cost more |
| A company with foreign currency debt | Its debt can weigh more in dirhams |
A made-up example: a sale of 1,000 euros is worth 11,000 dirhams at 11 MAD per euro, and 11,500 dirhams at 11.50 MAD.
Why the link is not automatic
- Hedging: a company may have protected itself against some changes.
- Passing on costs: it may transfer part of its costs to customers.
- The market may already have expected the move.
- Subsidies and regulation can soften some effects.
Frequently asked questions
Does a rise in gold push up all mining shares?
No. Each company has its own metals, costs, projects and debts.
Where can I follow the dirham rate?
Bank Al-Maghrib publishes reference rates.
Sources
This article is for information and educational purposes only. It is not investment advice or a recommendation to buy or sell any security. Investing in shares involves a risk of capital loss. Check figures against official sources (Casablanca Stock Exchange, AMMC) and consult a licensed professional. Read the full disclaimer.
