Gold Price per Ounce 14K in Niger (585)

How to Calculate the Price of Ounce 14K Gold in Niger

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., 2,674)

2. Convert the price of gold from United States dollar to West African CFA Franc

   Assume the exchange rate is 640 West African CFA Franc per United States dollar. Use the formula:

   Gold price in West African CFA Franc = Gold price in United States dollar × United States dollar to West African CFA Franc exchange rate
   Gold price in West African CFA Franc = 2,674 × 640 = 1,711,293 West African CFA Franc per ounce 24K

3. Convert the price from 24K to 14K gold

   Since 14K gold is 14 parts gold out of 24, the price for 14K gold is:

   Price per Ounce of 14K gold = Price per Ounce of 24K gold × (14 / 24)
   Price per Ounce of 14K gold = 1,711,292.99 × (14 / 24) ≈ 997,683.81 West African CFA Franc

4. Add the manufacturing cost

   Assume making charges are 2500 West African CFA Franc 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 14K gold = Price per Ounce of 14K gold + Making charges
   Final price of Ounce 14K gold = 997,683.81 + 77,750.00 = 1,075,433.81 West African CFA Franc

Conclusion

The price of 1 Ounce 14K gold with making charges is approximately 1,075,433.81 West African CFA Franc.

Gold Making Charges in Niger

In Niger, gold making charges are an essential factor to consider when purchasing gold jewelry or ornaments. These charges typically constitute a percentage of the gold price per gram. On average, the making charges can range between 10% to 15% of the gold price. This percentage can fluctuate based on the intricacy of the design, the skill level of the artisans, and the overall quality of workmanship involved in the creation of the gold item.

To illustrate the absolute value of these charges, consider that the price of gold per gram in Niger may be around 30,000 Nigerien Francs (XOF). Assuming a making charge of 12%, the making charge per gram would then be approximately 3,600 XOF. This means that for every gram of gold, consumers could expect to pay around this amount in making charges in addition to the gold price itself.

Therefore, when buying gold in Niger, it is advised to inquire about the making charges upfront to understand the total cost effectively.