Kenya · KES · February 2023
Gold Price in Kenya — February 2023
In February 2023, the gold price in Kenya closed at approximately KSh285,081 per troy ounce, equivalent to KSh106,907 per tola or KSh9,166 per gram. This represents a -5.26% change on the month (KSh300,908 open → KSh285,081 close).
Open
KSh300,908
per troy ounce
Close
KSh285,081
per troy ounce
High
KSh300,908
per troy ounce
Low
KSh282,956
per troy ounce
All unit prices at February 2023 close — Kenya
| Unit | Weight | Closing KES price |
|---|---|---|
| Troy ounce | 31.1035 g | KSh285,081 |
| Gram | 1.0000 g | KSh9,166 |
| 10 grams | 10 g | KSh91,655 |
| Kilogram | 1,000 g | KSh9,165,544 |
| Tola | 11.664 g | KSh106,907 |
Karat-purity breakdown at February 2023 close
| Karat | Per gram | Per tola |
|---|---|---|
| 24KKENYA STD | KSh9,156 | KSh106,800 |
| 22K | KSh8,396 | KSh97,927 |
| 21K | KSh8,020 | KSh93,544 |
| 18K | KSh6,874 | KSh80,180 |
| 14K | KSh5,362 | KSh62,541 |
| 10K | KSh3,822 | KSh44,580 |
Daily gold price in KES — February 2023
February 2023 gold market: Hot data revives Fed hawkishness
BearishHot US data pushed rate-hike bets and the dollar back up.
Gold pulled back to around $1,810–$1,830 in February after unexpectedly strong US jobs and inflation data revived expectations of more Fed rate hikes, lifting the dollar and Treasury yields.
What drove gold in February 2023
- blockbuster US jobs report
- sticky inflation data
- rebounding dollar and yields
- repricing of the Fed path
Key events in February 2023
- Feb 24Gold slips toward $1,810 as yields and the dollar rise
What happened next
The pullback ended abruptly in March when a banking crisis erupted.
For gold buyers in Kenya
February was a reminder that the road to a Fed pause would be bumpy, with each hot data print a setback for gold.
The 2023 gold market: Banking crisis and another record CB buy year
Silicon Valley Bank failed in March 2023, followed by Credit Suisse rescue. Gold rallied to $2,072 in May, then traded $1,820–$2,090 through year-end. Central banks bought another 1,037 tonnes — second-highest ever. Year close: $2,062.
Key drivers in 2023
Regional banking crisis, Credit Suisse failure, central-bank buying continues, persistent inflation
2023 XAU/USD high
$2,135 (Dec)
2023 XAU/USD low
$1,810 (Feb)
Era context — The modern bull market (2019 to today)
Gold's second major bull market of the 21st century. Driven by COVID stimulus, Russia sanctions, central-bank accumulation at record levels, and the structural shift toward a multi-polar reserve system. New all-time highs reached repeatedly since 2020.
The Kenya gold market
Kenya retail gold prices are quoted in the local currency per gram for 24K and 22K purities, and per troy ounce for investment-grade bullion. Local rates usually sit above the international XAU/USD spot price after import duties, sales taxes, and jewellery making charges are applied. Use this archive as the international reference price; final retail rates depend on your dealer and the date's exchange rate.
Standard quote unit
gram
Common purity
24K
Currency
KES (KSh)
Daily gold price — February 2023, Kenya
KSh300,908
$1,925.90/oz
KSh300,252
$1,921.70/oz
KSh293,018
$1,875.40/oz
KSh293,956
$1,881.41/oz
KSh292,690
$1,873.30/oz
KSh292,283
$1,870.70/oz
KSh292,596
$1,872.70/oz
KSh293,596
$1,879.10/oz
KSh290,565
$1,859.70/oz
KSh291,649
$1,866.64/oz
KSh290,002
$1,856.10/oz
KSh291,190
$1,863.70/oz
KSh286,112
$1,831.20/oz
KSh285,768
$1,829.00/oz
KSh286,549
$1,834.00/oz
KSh288,669
$1,847.57/oz
KSh288,393
$1,845.80/oz
KSh287,002
$1,836.90/oz
KSh286,830
$1,835.80/oz
KSh285,315
$1,826.10/oz
KSh282,956
$1,811.00/oz
KSh284,393
$1,820.20/oz
KSh284,159
$1,818.70/oz
KSh285,081
$1,824.60/oz
How Kenya gold prices are calculated on this page
Source. The international XAU/USD spot price comes from gold-api.com's historical archive (London PM-fix benchmark). The KES/USD exchange rate comes from exchangerate-api.com's 2023 year-end snapshot.
Conversion. Every KES figure on this page is computed as XAU/USD price × KES/USD rate. We use the year-end exchange rate consistently across all February 2023 prices on this page.
Per-unit math. Per-gram = per-ounce ÷ 31.1035. Per-tola = per-gram × 11.664. Per-10g = per-gram × 10. Per-kilo = per-gram × 1000. Karat values multiply per-gram by the purity ratio (24K = 0.999, 22K = 0.916, 21K = 0.875, 18K = 0.750, 14K = 0.585, 10K = 0.417).
What this page does NOT include. Local sales tax / VAT, customs duty on imports, dealer making charges, jewellery design premiums, or coin numismatic premiums. To go from this pure-metal value to a final retail rate in Kenya, add the country-specific levies described in the “Kenyagold market” section above.
FAQ — Kenya gold price in February 2023
What was the gold price in Kenya in February 2023?
In February 2023, gold in Kenya opened at KSh300,908/oz and closed at KSh285,081/oz — a move of -5.26% on the month. Per tola: ≈KSh106,907; per gram: ≈KSh9,166; per 10g: ≈KSh91,655.
What was the 24K gold rate per tola in Kenya in February 2023?
The 24K gold rate per tola in Kenya at the February 2023 close was approximately KSh106,907, derived from international XAU/USD spot of $1,824.60/oz times the 2023-end KES/USD exchange rate of 156.2427. This is pure metal value; final retail rates include local taxes and dealer making charges.
What was the 24K gold rate per gram in Kenya in February 2023?
Kenya's most-quoted retail standard is 24K per gram. At the February 2023 close, that worked out to approximately KSh9,156 (24K pure-metal value). Add local taxes and making charges for the final retail rate.
How was the local currency price calculated?
KES prices on this page are computed from the verified international XAU/USD spot price for February 2023 (sourced from gold-api.com), multiplied by the 2023-end KES/USD exchange rate from exchangerate-api.com. We use year-end rates as a single reference point for the entire month — for most stable currencies the within-year FX drift is small, but during currency crises (PKR 2022–23, TRY 2022, ARS 2024 etc.) the actual mid-month rate may differ.
Why does the retail price in shops differ from this number?
The KSh figures here represent the international gold spot price converted to KES at the 2023-end exchange rate. Kenya's retail jewellers add (1) import duties and sales tax (varies by SKU and karat), (2) dealer making charges (typically 3–12% of metal value), and (3) a small premium for purity certification on bars. Always verify the exact day's retail rate with a reputable local dealer before transacting.
Want today's rate in Kenya? See live gold prices in Kenya with minute-by-minute updates and per-karat breakdowns.
Different month or year? Use the prev / next buttons above, or jump to the full 2023 archive or the USD-only February 2023 page with the country-by-country list at the bottom.
Other markets? Compare February 2023 prices across other major gold-trading countries: Tanzania, Uganda, Nigeria, South Africa, Ghana, Egypt.
Disclaimer: Historical gold prices on this page reflect the international XAU/USD spot price for the requested period, converted to KES at the 2023-end exchange rate. They are intended for informational and educational use only and do not constitute investment advice or a price quote for buying or selling physical gold today. Always verify current local rates with a reputable bullion dealer in Kenya before transacting.