Even though gold prices rose in the global markets today, it still has no significance compared to last week when the prices hit 83,857.58 shillings
On the Multi Commodity Exchange, gold futures were up 0.8 percent to 77,785.75 shillings per 10 gram, while silver rates jumped 1.7 percent to 103,242.37 shillings per kg. Spot gold held a steady at 220,742.81 shillings per ounce
Over the past week, the treasury yields have been rising. This is majorly attributed to the Fed rate hike.
However, analysts say that the rate is not a dangerous sign. They believe that there is still hope for investors, especially with the ongoing Russia Ukraine talks and aggressive rate hike plans.
“The key question for gold in times of geopolitical crises is always whether economic and financial market risks are on the rise or whether they are receding. Currently, the gold market reflects the latter even though it is constantly assessing the situation, which remains highly in flux and uncertain,” says an analyst Carsten Menke of Julius Baer.
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Among other precious metals which had a price rise include spot silver at 0.3 percent at2,874.87 shillings per ounce, while platinum rose 0.7 percent to 17,182.21 shillings.
Meanwhile, these are also essentially felt on other continents such as Africa.
In Kenya, for instance, the gold price was 7,155.7 Kenyan Shilling per Gram, up from 7,335.9 KES a week ago, and investors are optimistic that the rates will soon go up in the global market.
Today Gold Prices in Kenya
Gold Unit Gold Rate in Kenyan Shilling
Gram 24K 7,155.7KES
Gram 23K 6,857.6 KES
Gram 22K 6,559.4 KES