Nairobi, July 13 -- The price of the New Gold ETF on the Nairobi Securities Exchange (NSE) rose to the highest level since listing last week as global demand for the commodity rose given the loss in the premium value of the dollar.
Market players said they need to hedge portfolios because of the uncertainty has also contributed to the demand for gold as has the lower interest rates such as that offered by the US Federal Reserve for the dollar.
The dollar, as a result, has lost some of its traditional role of a haven for investors with the high supply of liquidity created to deal with the Covid-19 pandemic.
On the NSE, the ETF price stood at Sh1,835 on Wednesday and remained at the same price on Thursday, up from Sh1,805 in the previous t...