Gold Price Today in Kenya in Kenyan Shilling (KES)

How Gold Price is Determined in Kenya

The price of gold in Kenya is influenced by several factors, both local and global. One of the primary determinants is the international market price, which is set by trading on major commodities exchanges such as the London Bullion Market. This price fluctuates based on global demand and supply dynamics, economic indicators, and geopolitical events.

In addition to global prices, local demand and supply play a significant role. In Kenya, the demand for gold is driven by industries, artisans, and investors. The availability and accessibility of gold, influenced by local mining operations, also affect the prices. As local miners extract gold, the amount of gold in circulation can influence local market rates.

Moreover, currency exchange rates impact pricing, especially since gold is typically traded in US dollars. Any fluctuations in the Kenyan shilling against the dollar can affect the local price of gold. Lastly, government policies regarding mining, trade tariffs, and taxation can also contribute to the overall cost of gold in the Kenyan market, ultimately reflecting in prices paid by consumers and businesses.

Price of Gold Bullion in Kenya in Kenyan Shilling

• The price of gold bullion 5 grams 24K in Kenya: 56,495.65 Kenyan Shilling
• The price of gold bullion 10 grams 24K in Kenya: 112,991.29 Kenyan Shilling
• The price of gold bullion 20 grams 24K in Kenya: 225,982.58 Kenyan Shilling
• The price of gold bullion 50 grams 24K in Kenya: 564,956.45 Kenyan Shilling
• The price of gold bullion 100 grams 24K in Kenya: 1,129,912.90 Kenyan Shilling
• The price of gold bullion 250 grams 24K in Kenya: 2,824,782.25 Kenyan Shilling
• The price of gold bullion 500 grams 24K in Kenya: 5,649,564.50 Kenyan Shilling
• The price of gold bullion 1000 grams 24K in Kenya: 11,299,129.00 Kenyan Shilling

Predictions for Gold Prices in Kenya

The gold market in Kenya has shown fluctuations in recent years, driven by various economic factors. Analysts predict that gold prices in Kenya are likely to experience a gradual increase due to rising global demand and inflationary pressures. As investors seek safe-haven assets, gold remains a popular choice, particularly in uncertain economic times.

Furthermore, the Kenyan government is actively promoting mining as a means of boosting the economy. This initiative may lead to increased production and accessibility of gold, potentially influencing local prices. However, global market trends will still play a significant role in determining the overall price fluctuations.

In the short term, it is expected that gold prices may face volatility, influenced by geopolitical events and changes in currency values. Strong performance in international markets could bolster local prices, while adverse conditions might result in a temporary dip.

Overall, the outlook for gold prices in Kenya remains cautiously optimistic, with potential for growth as the market stabilizes and demand continues to rise. Investors should stay informed about both local and international market conditions to make the best decisions regarding gold investments.

Gold price in Kenya in October 2024 in Kenyan Shilling

Gold Making Charges in Kenya

The gold making charges in Kenya are an important aspect to consider when purchasing gold jewelry. These charges, which cover the labor and craftsmanship involved in creating gold items, typically range from 10% to 20% of the gold's gram price. When evaluating gold prices, it is crucial for consumers to be aware of these additional costs.

As of now, the price of gold in Kenya fluctuates, often nearing approximately 7,500 Kenyan Shillings (KES) per gram. Based on this price, making charges can be calculated. For instance, if we take a 15% making charge, it would amount to about 1,125 KES per gram (15% of 7,500 KES). Therefore, the total cost of gold jewelry could effectively be around 8,625 KES per gram, considering both the gold price and the making charges.

Understanding these charges helps consumers make informed decisions when investing in gold jewelry in Kenya’s vibrant market. It is advisable to shop around and compare gold prices and making charges from various jewelers for the best value.