Kenya · KES · March 2023
Gold Price in Kenya — March 2023
In March 2023, the gold price in Kenya closed at approximately KSh309,314 per troy ounce, equivalent to KSh115,995 per tola or KSh9,945 per gram. This represents a +3.50% change on the month (KSh298,850 open → KSh309,314 close).
Open
KSh298,850
per troy ounce
Close
KSh309,314
per troy ounce
High
KSh314,024
per troy ounce
Low
KSh283,784
per troy ounce
All unit prices at March 2023 close — Kenya
| Unit | Weight | Closing KES price |
|---|---|---|
| Troy ounce | 31.1035 g | KSh309,314 |
| Gram | 1.0000 g | KSh9,945 |
| 10 grams | 10 g | KSh99,447 |
| Kilogram | 1,000 g | KSh9,944,661 |
| Tola | 11.664 g | KSh115,995 |
Karat-purity breakdown at March 2023 close
| Karat | Per gram | Per tola |
|---|---|---|
| 24KKENYA STD | KSh9,935 | KSh115,879 |
| 22K | KSh9,109 | KSh106,251 |
| 21K | KSh8,702 | KSh101,495 |
| 18K | KSh7,458 | KSh86,996 |
| 14K | KSh5,818 | KSh67,857 |
| 10K | KSh4,147 | KSh48,370 |
Daily gold price in KES — March 2023
March 2023 gold market: Banking crisis sends gold back toward $2,000
BullishA banking scare drove a powerful safe-haven rally.
Gold surged in March 2023 as the collapse of Silicon Valley Bank and the rescue of Credit Suisse sparked fears of a wider banking crisis. Safe-haven demand and a sudden repricing of the Fed's rate path drove gold from around $1,810 back toward $2,000.
What drove gold in March 2023
- Silicon Valley Bank collapse (Mar 10)
- Credit Suisse rescue
- banking-contagion fears
- markets pricing in Fed cuts
Key events in March 2023
- Mar 10Silicon Valley Bank fails; safe-haven bid lifts gold
- Mar 19UBS agrees to rescue Credit Suisse; gold nears $2,000
What happened next
Gold held near $2,000 for months as the banking scare lingered and rate-cut bets built.
For gold buyers in Kenya
March proved gold's enduring role as crisis insurance — when banks wobbled, gold was the asset investors reached for.
Key terms this month
- Contagion:
- The spread of financial distress from one institution or market to others, often triggering safe-haven demand.
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 — March 2023, Kenya
KSh298,850
$1,912.73/oz
KSh286,893
$1,836.20/oz
KSh287,674
$1,841.20/oz
KSh290,347
$1,858.31/oz
KSh288,908
$1,849.10/oz
KSh285,393
$1,826.60/oz
KSh283,784
$1,816.30/oz
KSh286,143
$1,831.40/oz
KSh290,815
$1,861.30/oz
KSh299,157
$1,914.70/oz
KSh298,627
$1,911.30/oz
KSh298,049
$1,907.60/oz
KSh300,517
$1,923.40/oz
KSh300,424
$1,922.80/oz
KSh306,564
$1,962.10/oz
KSh314,024
$2,009.85/oz
KSh307,704
$1,969.40/oz
KSh305,064
$1,952.50/oz
KSh304,580
$1,949.40/oz
KSh309,048
$1,978.00/oz
KSh311,517
$1,993.80/oz
KSh309,199
$1,978.97/oz
KSh304,095
$1,946.30/oz
KSh306,689
$1,962.90/oz
KSh307,017
$1,965.00/oz
KSh307,142
$1,965.80/oz
KSh309,314
$1,979.70/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 March 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 March 2023
What was the gold price in Kenya in March 2023?
In March 2023, gold in Kenya opened at KSh298,850/oz and closed at KSh309,314/oz — a move of +3.50% on the month. Per tola: ≈KSh115,995; per gram: ≈KSh9,945; per 10g: ≈KSh99,447.
What was the 24K gold rate per tola in Kenya in March 2023?
The 24K gold rate per tola in Kenya at the March 2023 close was approximately KSh115,995, derived from international XAU/USD spot of $1,979.70/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 March 2023?
Kenya's most-quoted retail standard is 24K per gram. At the March 2023 close, that worked out to approximately KSh9,935 (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 March 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.
Why did gold rise during the March 2023 banking crisis?
The failure of Silicon Valley Bank and the emergency rescue of Credit Suisse raised fears of a broader banking crisis, driving investors into safe-haven gold and pushing it from about $1,810 back toward $2,000 per ounce.
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 March 2023 page with the country-by-country list at the bottom.
Other markets? Compare March 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.