Gold Prices Drop by Nearly KSh 19,000 in One Week, CBK Reports

Gold prices have dropped by nearly KSh 19,000 per ounce in one week, according to the Central Bank of Kenya (CBK). The sharp fall comes as global markets face fresh pressure.

In its weekly bulletin published on October 23, CBK reported that gold prices fell from $4,170.25 per ounce on October 15 to $4,024.24 on October 22. That is a drop of about KSh 18,551.

CBK linked the fall to a sell-off in technology and artificial intelligence stocks. Investors have been moving money between different investments as markets face uncertainty.

Gold is often seen as a safe place to keep money during uncertain times. However, its price can still fall when investors sell their holdings to raise cash.

Gold prices faced further pressure on Friday, October 23. Reuters reported that the metal fell below $4,000 per ounce for the first time since July.

Rising oil prices have also raised fears that inflation could remain high. This has increased expectations that US interest rates may stay high for longer, putting more pressure on gold.

The drop may attract people looking to buy gold at lower prices. However, international gold prices do not always match the prices charged by local dealers.

The final price in Kenya can depend on the exchange rate, gold purity, transport costs and the seller’s charges.

CBK also reported that the Kenyan shilling closed at KSh129.91 against the US dollar on October 22. This was slightly weaker than the KSh129.81 recorded a week earlier.

Gold prices may continue to move as investors react to global economic news. Interest rates, oil prices and changes in investor confidence can all affect the market.

For now, the latest figures show a sharp weekly decline. But anyone planning to buy or sell gold should check current prices before making a decision.

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