Gold Prices Marginally Drop Despite Hopes for Growth

The gold market can be complex and intimidating for investors, but by understanding the basics, investors can make more informed decisions about where to put their money.

While it’s impossible to predict the future movements of the stock market with certainty, by knowing the fundamentals such as technical analysis, investors are in a better position to make informed investment decisions.

Some of the most well-known patterns are head and shoulders formation, double top/double bottom formation, pennants, triangles, and rectangles. Technical analysis has its place among other methods for investors to choose potential investments. As with any form of investing, though, it doesn’t guarantee profits.

For the last 3.5 years, the price of gold has appreciated 82 percent from 1,150 shillings an ounce to 1,792 shillings. Its year-to-date performance stands at 42.8 percent.

The commodity has long been considered a reliable store of wealth and value, and that reputation is not likely to change any time soon. This is evidenced by the gold market, whose prices register negligible fluctuations.

The 24K Gold Price in Kenya is 6,513.35 shillings per Gram whereas the 10 Grams Gold Rate is 2,718.78 shillings. The 8K gold price, on the other hand, retails at 2171.12 shillings.

ALSO READ: Gold Traders Hopeful for Sustained Production Growth as 2022 Unfolds

Gold price in Kenya in Kenyan shillings

This depicts a decrease in almost all the Gold prices. The price of 24K Gold price for instance has dropped from  6,714.35 shillings recorded last week.

The 22-karat gold prices in the last year fell as low as 5,122.03 shillings on 30-Mar-2021 per gram and the 22-karat gold rose as high as 5,953.17 shillings on 06-Jan-2021 per gram.