Gold Prices Hit 11.7% High In 2022 Amid Russia-Ukraine Crisis

Gold prices jumped sharply on 7^th March 2022 amid the escalating Ukraine crisis. On Multi Commodity Exchange (MCX), the year-to-date perspective shows that the gold rate has registered an 11.70 percent rise in 2022

Gold futures surged 1.8 percent to 79, 619.56 shillings per 10 grams, nearly 2 percent higher from its Friday close of 77,772.52 shillings per 10 gm.

In the spot market, the yellow metal price was up by 1.5 percent to 2960 shillings per ounce levels, registering around an 8.80 percent rise in year-to-date time.

SPDR Gold Trust, rose 0.4 percent to 1,054.3 tons on Friday – their highest since mid-March 2021.

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Despite strength in the dollar index, gold and silver gained last week. Global equity markets also plunged and investors are moving from riskier assets to safe-haven assets.

Among other precious metals, palladium hit an all-time high on supply concerns from top producer Russia, which accounts for 40 percent of all mined production of the metal that’s mostly used in catalytic converters in gasoline-powered vehicles.

Spot palladium climbed as much as 5.3 percent to 4690.80 shillings an ounce. Spot silver on the other hand gained 1.7 percent to 38.61 shillings per ounce, while platinum jumped 2.3 percent to 1,697.84 shillings.

The war in Ukraine showed no signs of abating. Russian President Vladimir Putin has vowed to press ahead with the invasion unless Kyiv surrenders, despite severe Western sanctions and widespread international condemnation.

The Russia-Ukraine crisis has also battered equity markets and sent oil prices to a nearly 14-year high, adding further upward pressure to the already high inflation.

Commodities may remain volatile as market players assess the implication of Russia-Ukraine tensions on supply as well as global growth and central bank monetary policy stance. With supply risks looming large, analysts say that the general bias for commodities may remain higher unless there are clear efforts to stop tensions.

As of 7^th March 2022, Gold Price in Kenya is 7,252.9 shillings per Gram, while 1 Kilo Gold Price is 84,726.5 shillings, an Ounce Price is 225,937.2 shillings and Tola Gold Price is 84,726.5 shillings.

Today Gold Prices in Kenya