Gold Prices Explode Above 81,716.05 Shillings Amid The US Ban On Russian Oil

As of 9^th March 2022, gold and silver prices are ripping higher, with gold rising more than 9,130.40 shillings an ounce and topping out at 237,253.44 shillings.

On Multi Commodity Exchange, gold futures were up 1.4 percent to 82,003.06 shillings per 10 gram while silver rose 1.8 percent to 108,017.01 shillings per kg.

In global markets, gold prices have risen to a 19-month peak in the previous session. Spot gold, in particular, was flat at 234,462.96 shillings per ounce. Spot silver was up 1 percent at 3,043.24 shillings per ounce, after touching a near nine-month high on Tuesday.

After the February breakout above the 18-month trendline, prices could test the 238,459.35 shillings high in March. The next 4-month low is due in mid to late April according to analysts. The current price outlook for gold prices is 342,450.00 shillings by the end of 2022.

Gold prices have been enjoying a steady rise since the onset of the Russia Ukraine war, and with fears mounting across markets, it appears we have reached another supply/demand tipping point.

According to Rahul Kalantri, VP Commodities, Mehta Equities, and an analyst, gold, and silver rallied after the US banned Russian oil and gas imports. Global equity markets rallied and profit-taking was seen in both precious metals from higher levels.

He further adds that investors now hope for both precious metals to remain volatile in today’s session but hold their support levels. Gold has support at USD 2024-1995, while resistance at USD 2064-2082 per troy ounce. Silver has support at USD 26.40-26.00, while resistance is at USD7.14-27.55 per troy ounce

Silver hasn’t performed quite as well as gold but has moved quite nicely lately for the bulls.

Gold Prices in Kenya as of 9^th March 2022, is 7,497.7 KES per Gram, while 1 Kilo Gold Price is 87,589.7 KES, an Ounce Price is 233,572.6 KES, and Tola Gold Price is 87,589.7 KES.