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Absa Gold Fund hits a new record high price at NSE on global rally
Since 2019, foreigners have largely remained bearish on smaller markets, largely due to a flight to the safety of developed markets amid global shocks such as the Covid-19 pandemic and the Russia-Ukraine war.
The Absa NewGold exchange-traded fund (ETF) has hit a new all-time high price of Sh4,265, after the cost of the precious commodity shot up this week on lingering global geopolitical tensions and expected rate cuts in the US.
The ETF’s valuation gain since the beginning of the year stands at 34.8 percent, mirroring the rise in the price of gold in the global market to an all-time high of $3,579 (Sh441,040) per troy ounce on Wednesday.
