{"id":128674,"date":"2024-10-10T20:56:32","date_gmt":"2024-10-10T20:56:32","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/all-news\/price-of-gold-hits-highest-quarterly-gain-since-2016"},"modified":"2024-10-10T21:31:11","modified_gmt":"2024-10-10T21:31:11","slug":"price-of-gold-hits-highest-quarterly-gain-since-2016","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/price-of-gold-hits-highest-quarterly-gain-since-2016","title":{"rendered":"Price of gold hits highest quarterly gain since 2016"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>The ounce price of gold saw its highest quarterly gain since 2016 in July-September amid interest rate cuts by central banks and geopolitical tensions leading to rising demand for the safe-haven asset.<\/p>\n

The ounce price of gold saw a record high at $2,685.61 in the third quarter of the year, completing the July-September period at $2,634.70, up 13.2%.<\/p>\n

Falling interest rates reduced the opportunity costs of holding noninterest-bearing gold.<\/p>\n

Back in 2016, gold gained 16.2% per Troy ounce in the first quarter.<\/p>\n

Demand from Asia gave way to rise in gold<\/b><\/p>\n

The demand for gold increased in Asia, especially in China, as a safe-haven asset against geopolitical and economic uncertainties, analysts say.<\/p>\n

Declining confidence in other investment options, such as real estate and stocks, led to a higher preference for gold in China. Troubles in the country\u2019s real estate sector gave way to rises in gold.<\/p>\n

Meanwhile, the decline in bond yields, the Russia-Ukraine war, and the upcoming US presidential elections in November pushed gold prices upwards.<\/p>\n

Geopolitical risks played a major role in maintaining the strength of gold, while the safe-haven status of other precious metals continued.<\/p>\n

The ounce price of silver rose 6.9% to $31.2 in the third quarter of the year due to the slowdown in production globally, and the increase in the industrial sector.<\/p>\n

Silver supply lagged behind demand, triggering concerns that it would lead to a deficit, as it is often used in the manufacture of many products, such as automobiles, solar panels, electronics, and jewelry.<\/p>\n

Analysts said China may increase its silver imports as the country continues to produce solar panels in large quantities.<\/p>\n

The rise in silver prices can also be traced back to when the US Democratic candidate, Vice President Kamala Harris, said she supports diverse energy sources to reduce the country\u2019s foreign dependence on oil during a presidential debate with the Republican candidate, former President Donald Trump.<\/p>\n

Analysts estimate that the ounce price of silver may see $40 in 2025, as it is one of the commodities that will be the most significantly affected by economic activity, while silver could benefit from rising gold prices.<\/p>\n

Analysts also say the silver market may continue to run a deficit in the coming years, pushing its price even higher.<\/p>\n

For More News And Analysis About Kenya Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Kenya. The ounce price of gold saw its highest quarterly gain since 2016 in July-September amid interest rate cuts by central banks and geopolitical tensions leading to rising demand for the safe-haven asset. The ounce price of gold saw a record high at $2,685.61 in the third quarter of the year, completing the […]<\/p>\n","protected":false},"author":84,"featured_media":128673,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[9252,4625,544,4963],"class_list":["post-128674","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-9252","tag-gold","tag-kenya","tag-profit"],"yoast_head":"\nPrice of gold hits highest quarterly gain since 2016 - kenya<\/title>\n<meta name=\"description\" content=\"The ounce price of gold saw its highest quarterly gain since 2016 in July-September amid interest rate cuts by central b ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/all-news\/price-of-gold-hits-highest-quarterly-gain-since-2016\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Price of gold hits highest quarterly gain since 2016\" \/>\n<meta property=\"og:description\" content=\"The ounce price of gold saw its highest quarterly gain since 2016 in July-September amid interest rate cuts by central b ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/all-news\/price-of-gold-hits-highest-quarterly-gain-since-2016\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-10T20:56:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-10T21:31:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2024\/10\/sm_1728583145.778028.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"864\" \/>\n\t<meta property=\"og:image:height\" content=\"486\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/price-of-gold-hits-highest-quarterly-gain-since-2016#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/price-of-gold-hits-highest-quarterly-gain-since-2016\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Price of gold hits highest quarterly gain since 2016\",\"datePublished\":\"2024-10-10T20:56:32+00:00\",\"dateModified\":\"2024-10-10T21:31:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/price-of-gold-hits-highest-quarterly-gain-since-2016\"},\"wordCount\":387,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/price-of-gold-hits-highest-quarterly-gain-since-2016#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2024\/10\/sm_1728583145.778028.jpg\",\"keywords\":[\"2024\",\"gold\",\"Kenya\",\"Profit\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/all-news\/price-of-gold-hits-highest-quarterly-gain-since-2016#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/price-of-gold-hits-highest-quarterly-gain-since-2016\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/price-of-gold-hits-highest-quarterly-gain-since-2016\",\"name\":\"Price of gold hits highest quarterly gain since 2016 - 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