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Gold Futures Up 0.12 Percent To 76,752.78 Shillings Per 10 Gram

BY Lynnet Okumu · May 30, 2022 11:05 am

KEY POINTS

Spot gold was up 0.2 percent in global markets at 216,595.20 shillings, supported by a weakening US Dollar. A weaker dollar makes bullion more attractive for buyers holding other currencies.

KEY TAKEAWAYS

According to experts, gold may continue to hover in a range amid a lack of clear cues. However, Fed’s tightening stance and shaky investor buying may keep pressure on the prices.

On Multi Commodity Exchange Market, gold futures today rose 0.12 percent to 76,752.78 shillings per 10 grams.

Spot gold was up 0.2 percent in global markets at 216,595.20 shillings, supported by a weakening US Dollar. A weaker dollar makes bullion more attractive for buyers holding other currencies.

On the same note, silver edged up 0.2 percent to 93,722.88 shillings per kg on the MCX. Spot silver rose 0.1 percent to 2,582.57 shillings on the global market.

According to experts, gold may continue to hover in a range amid a lack of clear cues. However, Fed’s tightening stance and shaky investor buying may keep pressure on the prices.

Furthermore, the trend in the US dollar, bond yields, and equities may continue to affect gold and silver prices, with a focus wholly on economic data from major economies, central bank comments, and development relating to the spread of Covid 19 Russia-Ukraine war.

Gold traders will be looking ahead to the US payroll numbers later this week to gauge the Fed’s tightening path to curb inflation.

The key to watch out for this week is the risk catalysts for fresh impulse, highlighting headlines from Russia and China. Above all, this week’s US jobs report for April and May could also weigh on gold and silver prices, according to analysts.

Gold price in Kenya as of 30th May 2022 is 6,971.8 shillings per Gram, while 1 Kilo Gold Price is 81,446.5 shillings. An Ounce Price is 217,190.6 shillings, and Tola Gold Price is 81,446.5 shillings.

This is a rise from 6,947.1 shillings per Gram for the 24K a day ago and 6,933.4 shillings about a week ago.

A weak Kenyan shilling that continues to face fresh lifetime lows assisted gold with additional gains on the domestic market.

Gold investors in Kenya should watch out for the shilling-dollar deviation.

The Kenyan shilling depreciated by 0.2 percent against the US dollar to close the week at 116.7 shillings from 116.4 shillings recorded the previous week, partly attributable to increased dollar demand from the oil and energy sectors.

If the shilling gains its lost ground, it might break the continuously rising gold prices. If not, then the yellow metal price rally will continue.

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