Gold Rates Register 0.24% Fall For Second Day In A Row

By Lynnet Okumu / Published March 28, 2022 | 10:11 am

KEY POINTS

Last week, gold had climbed 1.9 percent in the international market as the war in Ukraine burnished gold’s haven appeal.

KEY TAKEAWAYS

According to analysts, gold rates might continue falling, especially with the negotiations talks between Russia and Ukraine set to resume this week.

Gold and silver were under pressure in the domestic market attracting a fall in the global rates. On MCX, gold futures dropped by 0.24 percent to 77,875.16 shillings per 10 gram while silver rates dipped 0.4 percent to 103,170.54shillings per kg.

In the global markets, Spot gold fell 0.6 percent to 223,325.49 shillings an ounce as the U.S. dollar strengthened, increasing demand for the safe-haven asset after a weekly advance.

Last week, gold had climbed 1.9 percent in the international market as the war in Ukraine burnished gold’s haven appeal.

Though gold has come off recent highs, the Ukraine war and steady inflows into bullion-backed ETFs have helped cap the downside. Holdings in exchange-traded funds backed by the yellow metal rose for a 10^th straight week.

Investors are seeking a store of value amid inflationary pressures stoked by soaring commodity prices partly caused by the war and evolving sanctions. Furthermore, traders will be watching the US GDP data, which will be released on Wednesday.

According to analysts, gold rates might continue falling, especially with the negotiations talks between Russia and Ukraine set to resume this week.

In Kenya, the gold price as of 28^th March 2022 is 7,139.7 shillings per Gram. 10 Grams Gold Rate is 71,396.7 shillings:

Today Gold Prices in Kenya
Gold Unit        Gold Rate in Kenyan Shilling
Gram 24K        7,139.7 KES
Gram 23K        6,842.2 KES
Gram 22K        6,544.7 KES
Gram 21K        6,247.2 KES