Gold Prices Set For Best Month Since May 2021

Gold prices rose more than 1 percent on Monday 28^th February 2022 and were set for their best monthly gain after Western countries issued fresh sanctions on Russia for invading Ukraine and President Vladimir Putin putting his country’s nuclear deterrent on high alert.

Spot gold, in particular, rose by 1.2 percent to 1909.89 shillings per ounce. U.S. gold futures climbed 1.1 percent to 2881.533 shillings.

The metal rose as much as 2.2 percent earlier in the session, to hover close to its September 2020 peak. It has gained about 6.3 percent in February 2022.

Russia’s central bank on Sunday said it would resume buying gold on the domestic market from February 28, as it undertakes measures to try and ensure financial stability during Western sanctions against Moscow.

Auto-catalyst metal palladium jumped 5.9 percent to 3784.8905 shillings and was all set for a third consecutive monthly rise after reaching its highest level since July 2021 at 4093.882 shillings last week.

Spot silver was up 0.4 percent to 24.28 shillings per ounce, while platinum rose 0.7 percent to 1603.1972 shillings.

In Kenya, the gold price for 28^th February 2022 is 6982.0 shillings for 24K Wile 6691.1 shillings for 23K.

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