Gold Price per Ounce 24K in Eritrea (999)

How to Calculate the Price of Ounce 24K Gold in Eritrea

1. Find the current price of gold per ounce 24K

   Check the gold price in United States dollar per ounce 24K from a trusted source (e.g., 2,690)

2. Convert the price of gold from United States dollar to Nakfa

   Assume the exchange rate is 15 Nakfa per United States dollar. Use the formula:

   Gold price in Nakfa = Gold price in United States dollar × United States dollar to Nakfa exchange rate
   Gold price in Nakfa = 2,690 × 15 = 40,353 Nakfa per ounce 24K

3. Add the manufacturing cost

   Assume making charges are 2500 Nakfa per gram. The final price is:

   Making charges = making charges per gram × 31.1
   Making charges = 2500 × 31.1 = 77,750.00
   Final price of Ounce 24K gold = Price per Ounce of 24K gold + Making charges
   Final price of Ounce 24K gold = 40,352.95 + 77,750.00 = 118,102.95 Nakfa

Conclusion

The price of 1 Ounce 24K gold with making charges is approximately 118,102.95 Nakfa.

Gold Making Charges in Eritrea

The gold making charges in Eritrea are an essential factor for buyers and sellers in the jewelry market. These charges are usually expressed as a percentage of the gram price of gold. Typically, the making charges can range from 5% to 15% of the gold price, depending on the complexity of the design and the craftsmanship involved.

For instance, if the current market price of gold is around 2,000 Eritrean Nakfas (ERN) per gram, a making charge of 10% would translate to an additional 200 ERN per gram. Consequently, the total cost for customers would amount to 2,200 ERN per gram for the final jewelry piece. This system of pricing ensures that artisans are compensated fairly for their labor while allowing customers to understand the overall cost involved when purchasing gold jewelry.

It's important for consumers to be aware of these charges, as they can significantly impact the final price of gold products. By factoring in the making charges, individuals can make more informed decisions when investing in gold jewelry in Eritrea.