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NSE investors join gold rush on global price rally
The price of gold has hit a record high of more than $4,000 (Sh516,700) an ounce as investors look for safe places to put their money over concerns about economic and political uncertainty around the world.
Local investors have joined the scramble for the gold exchange-traded funds (ETFs) at Kenya’s stock market amid a global rush for the yellow metal market that has driven prices to record levels.
The Absa NewGold ETF, which mirrors the price of gold in the global market, has surged past the Sh5,000 mark for the first time in a blistering rally that made it one of the top movers at the Nairobi Securities Exchange (NSE) this month.
