Hatem Ben Youssef, President of the National Chamber of Jewelers, stated that the current surge in gold prices is “unprecedented and staggering,” reaching levels not seen since the 1960s.
He attributed this sharp increase to the depreciation of the Tunisian dinar in the global market, as well as the ongoing war in Ukraine, which has prompted Russia to purchase large quantities of gold, making it a major competitor to China, a country long known for its high gold consumption.
In a statement to Mosaïque FM, Ben Youssef added that the decline in the purchasing power of Tunisian citizens has become one of the most significant barriers to buying gold.
He noted that the average monthly salary increase for citizens has not exceeded 600 dinars over the past seven to eight years, while the price of gold has tripled during the same period.
The Chamber President highlighted a radical shift in gold-buying habits in Tunisia. Previously, gold sales flourished after each agricultural season or during holidays and religious occasions. However, these traditions have been replaced by simpler, less expensive gifts, such as flowers.
Regarding costs, Ben Youssef explained that the price of one gram of gold has now exceeded 250 dinars for merchants, who are struggling to achieve even minimal profits.
He added that this cost has risen dramatically, from around 200 dinars a month ago to 220 dinars two weeks ago, and now reaching 250 dinars. This reflects a global increase of $12 per month, which inevitably impacts the local market.
Ben Youssef warned that this alarming trend is expected to continue, with the cost of one gram of gold projected to reach 300 dinars for retailers by May next year, pushing the selling price to 370 dinars for consumers.
