Gold Futures Up 0.65 Percent To 80,652.68 Shillings Per 10 Gram

On the Multi Commodity Exchange market, gold futures were up 0.65 percent pushing prices to 80,652.68 shillings. This is the highest price surge so far in over a month.

Meanwhile, Silver has registered a 1 percent increase to 105,584.27 shillings per kg.

In the International market, Spot gold was up 0.5 percent at 229,318.22 shillings per ounce, the highest since mid-March 14. Spot silver rose 0.7 percent to 2,989.28 per ounce; platinum gained 1.2 percent to 115,731.41 shillings, and palladium climbed 1.6 percent to 278,111.52 shillings.

According to Economic experts, the Ukraine crisis and elevated inflation boosted the safe-haven demand for gold.

Moreover, there are projections that the oil prices will continue rising due to possible sanctions on Russian energy. This will likely fuel the demand for gold as a hedge against accelerating inflation, thus further increasing the prices.

Gold and Silver have shown strength and could test their resistance levels of 231,100.00 shillings per troy ounce and 3,119.85 shillings per troy ounce.

Gold traders will now be looking for clues on the possible future performance of the yellow metal as top Fed officials speak this week, and Fed Chair Jerome Powell and ECB President Christine Lagarde will discuss the global economy at the IMF event on Thursday.

The hike in prices of the precious metals continues amidst the increasing global inflation caused by the rise in commodity prices, especially that of crude oil and agriculture commodities, leading to a surge in the cost of living across the globe.

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Gold ounce price in Kenya as of 2oth April 2022 is 224,152.99 Kenyan Shilling per ounce, while gold gram price is 7,207.49 shillings per gram.

Meanwhile, 24K is shillings per gram, 22K 6,606.87 shillings, 21K 6,306.56 shillings per gram,

and 5,405.62 per gram for 18K

Here is a table showing the prices of Gold in Kenya as of April 20, 2022