CBK Reports Sharp Drop in Global Gold Prices After AI Stock Sell-Off

Author: Samuel MwanawanjugunaPublished on: October 24, 2026Country: Kenya

Business & Economy

CBK Reports Sharp Drop in Global Gold Prices After AI Stock Sell-Off

The Central Bank of Kenya (CBK) reported that spot gold fell 3.5% in one week, from USD 4,170.25 per ounce on October 15 to USD 4,024.24 on October 22, 2026. The CBK attributed the decline to a sell-off in technology and artificial intelligence stocks that prompted investors to reallocate assets. The Financial Times reported that gold briefly fell to USD 3,998 per ounce on Friday, below USD 4,000 for the first time since July. Kenya’s shilling remained relatively stable, closing at Ksh129.91 per U.S. dollar on October 22.

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