Two dollars, one gram
The table above shows how the world gold price, quoted in dollars, becomes a shilling price. It uses two dollar rates: the Central Bank of Kenya's interbank rate, and the open-market rate from Binance P2P. The open-market dollar here is a stablecoin price on a peer-to-peer market, paid through M-Pesa or bank transfer, not banknotes at a counter. In Kenya the two rates nearly coincide.
One ounce, two dollars
One gram, ten grams, an ounce and a kilogram of 24 karat gold at the CBK dollar and at the open-market dollar, and the difference.
| Weight, 24K | At the CBK dollar | At the open-market dollar | Open market against CBK |
|---|---|---|---|
| 1 gram | KSh 16,495 | KSh 16,434 | KSh -61 |
| 10 grams | KSh 164,947 | KSh 164,342 | KSh -605 |
| 1 troy ounce | KSh 513,044 | KSh 511,161 | KSh -1,883 |
| 1 kilogram | KSh 16,494,734 | KSh 16,434,197 | KSh -60,537 |
Priced on: 03.11.2026
The world price is in dollars
Gold is priced internationally in US dollars per troy ounce. A Kenyan buyer wants a shilling price per gram. To get there, the dollar price is divided by the number of grams in a troy ounce, then multiplied by a shilling rate. The result is a derived price: it is the world metal value, converted.
The choice of shilling rate matters. If the rate is too high, the gram price is too high. If the rate is too low, the gram price is too low. In Kenya, the two rates available are the Central Bank of Kenya's interbank rate and the open-market dollar from Binance P2P. They are not the same, but they are close.
The CBK dollar
The Central Bank of Kenya publishes a weighted average of registered interbank spot trades. That is the official rate, and it is what banks use to settle large transactions among themselves. It is not the rate a person gets at a forex bureau, and it is not the rate on a card payment.
The CBK rate is a benchmark, not a retail price. It moves slowly and is published only on days when the interbank market trades. For a gold price page, it is the obvious official rate, but it is not the only rate.
The open-market dollar
The open-market dollar used here is the median of credible Binance P2P USDT advertisements in shillings. That is a stablecoin price, settled through M-Pesa or bank transfer. It is not a survey of forex bureaux, and it is not a banknote price at a counter. It is the open-market dollar Kenyans can actually trade at, peer to peer.
This rate is available every day, including weekends and holidays. It is not official, and it is not a bank rate. But it is a real market, and in Kenya it tracks the CBK rate closely.
Why the two nearly coincide
The CBK rate and the open-market dollar are within a fraction of a per cent of each other. That is because the shilling market is deep and liquid, and the stablecoin market is efficient. There is no capital control that creates a large premium, and no shortage of dollars in the peer-to-peer market.
In Nigeria and Pakistan, the open-market dollar can carry a large premium over the official rate, and a shilling gold price can jump because of the dollar, not the metal. Here, the two rates are close, so a jump in the shilling gold price is the world metal moving.
Which rate is right?
Neither rate is 'right' for every buyer. The CBK rate is the official benchmark, but a person cannot buy dollars at that rate from a bank for a small amount. The open-market rate is what a person pays on Binance P2P, but it is not a bank rate. This page does not claim either is the right one.
A buyer should use the rate that matches their own transaction. If they are buying gold with shillings from M-Pesa, the open-market dollar is closer. If they are a bank settling a large trade, the CBK rate is the benchmark. The table shows both, side by side.
The open-market dollar is a stablecoin price
The open-market dollar on this page is the price of USDT in shillings on Binance P2P. USDT is a stablecoin, a digital token that aims to track the US dollar. It is not a banknote, and it is not a bank deposit. It is a claim on a private issuer, and it is traded peer to peer.
The price is settled through M-Pesa or bank transfer. That means the buyer sends shillings to the seller's M-Pesa or bank account, and receives USDT in their Binance wallet. It is the open-market dollar Kenyans can actually trade at, and it is not a survey of forex bureaux.
In short
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Questions about the gold price
Where does the CBK rate come from?
The Central Bank of Kenya publishes a weighted average of registered interbank spot trades. It is the official interbank rate, published only on days when the interbank market trades.
Where does the open-market rate come from?
The open-market rate is the median of credible Binance P2P USDT advertisements in shillings. It is a stablecoin price, settled through M-Pesa or bank transfer.
Why are the two rates so close?
The shilling market is deep and liquid, and the stablecoin market is efficient. There is no capital control that creates a large premium, and no shortage of dollars in the peer-to-peer market. In Nigeria and Pakistan, the open-market dollar can carry a large premium.
Which rate should I use?
Use the rate that matches your own transaction. If you are buying gold with shillings from M-Pesa, the open-market dollar is closer. If you are a bank settling a large trade, the CBK rate is the benchmark. This page does not claim either is right.
Is the open-market dollar a banknote price?
No. It is a stablecoin price on a peer-to-peer market, settled through M-Pesa or bank transfer. It is not a survey of forex bureaux, and it is not a banknote price at a counter.
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