Friday, July 19, 2024

Gold trading in Kenya, market trends, influential factors

By Natasha Gamalie

Kenya, a land rich in mineral resources has been in gold trading for many years. This valuable activity continues to attract many with its benefits. Gold has attracted many alike, from small-scale miners to large investors

As of 2024, gold trading in Kenya is still a buzz many thanks to a mix of local and global factors. This makes the market lively and full of different opinions from traders.

A key trend in Kenya’s gold market is the rise in local production. Geological surveys carried out a few years ago discovered new gold deposits in counties such as Kakamega, Vihiga, and Nandi, hence increasing mining activities.

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The Kenyan Government, however, has been supportive of such ventures by providing licenses and encouraging investment into the mining sector.

By raising gold production, it has been able to not only enrich supplies of the metal in the country but also elevate Kenya’s state globally.

Gold mining remains a major sector in Kenya, being the largest contributor and employer. Despite its challenging conditions, lack of formal structure, and safety issues, gold mining is seen as an important livelihood option for many Kenyans.

NCBA

Overcoming challenges in Kenya’s online trading platforms

Efforts are being made to formalize Artisanal and Small-Scale Mining (ASM) and improve access to technology, financing, and regulations.

These initiatives aim to increase productivity, improve safety and ensure that miners receive fair value of their gold.

NCBA

The dynamics in gold trading have taken a new shape with technological advancement in Kenya.

Blockchain technology is increasingly being used to track and verify transactions involving this precious metal.

This ensures more honest trading with fewer fraud risks, thus making the markets more appealing to investors.

Moreover, mobile banking and digital platforms have simplified and secured trading, broadening access to gold investment opportunities.

Stakeholders involved in gold trading in Kenya’s growing market need to stay informed and adaptable to handle its complexities effectively.

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