Gold Prices Drop Below 4,478.11 Shillings On Rate Hike Expectation

Gold prices fell today to a low of 4,478.11 shillings per 10 gram in just four days after a US official confirmed that Russia is showing signs it might be willing to have substantial negotiations over Ukraine.

Gold futures fell 0.3 percent to 78,644.81 shillings per 10 grams, while spot gold fell 0.7 percent to 225,176.13 shillings per ounce on the Multi Commodity Exchange (MCX).

On the other hand, Silver shed 0.6 percent to 104,419.86 shillings per kilogram, with spot silver 0.9 percent to 38.17 shillings per ounce.

Last week, gold prices jumped 82,902.32 shillings, closer to an all-time high of 83,864.72 shillings in August 2020.

However, when news of a possible talk floated, the prices fell to the level of 223,603.60 shillings, but when the discussion failed, the prices again settled towards 227,258.00 shillings.

Investors had been optimistic that this would go higher. Still, there are words of another expected talk between Russia and Ukraine – another attempt to solve the crisis between the two nations that have shaken the prices leading to a complete drop.

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Analysts have also linked the price shoot to the pressure of a possible breakthrough from the talk between the two nations.

Among other factors that put pressure on gold prices include a more robust US dollar index, which was up 0.07 percent to 99.257.

Gold traders are, however, still optimistic and are looking forward to the outcome of this week’s US FED meeting, where the country is expected to kick off its rate hike cycle.

Other metals that dropped include platinum which slipped 1.9 percent to 120,933.93 Kenyan shillings.

As of 14^th March 2022, Gold Price in Kenya is 7,248.3 shillings per Gram. 10 Grams Gold rate is 72,483.3 shillings.

Today Gold Prices in Kenya

Gold Unit        Gold Rate in Kenyan Shilling

Gram 24K        7,248.3 KES

Gram 23K        6,946.3 KES

Gram 22K        6,644.3 KES

Gram 21K        6,342.3 KES

Gram 18K        5,436.3 KES