Gold Price Today in Nigeria in Nigerian Naira (NGN)

Friday, 4 October 2024, 3:55 AM

4,408,484.04 Nigerian Naira/Ounce
141,751.90 Nigerian Naira/Gram 24K
129,844.74 Nigerian Naira/Gram 22K
106,313.92 Nigerian Naira/Gram 18K

Gold ounce price in Nigeria is 4,408,484.04 Nigerian Naira per ounce, Gold gram price is 141,751.90 per gram karat 24, 129,939.24 Nigerian Naira per gram karat 22, 124,032.91 Nigerian Naira per gram karat 21, 106,313.92 Nigerian Naira per gram karat 18.

Gold Price in Nigeria in Nigerian Naira

Gold Unit Nigerian Naira U.S. Dollar
Gold Ounce 4,408,484.04 2,659.57
Gold Gram Karat 24k 141,751.90 85.52
Gold Gram Karat 22k 129,844.74 78.33
Gold Gram Karat 21k 124,032.91 74.83
Gold Gram Karat 18k 106,313.92 64.14
Gold Gram Karat 14k 82,924.86 50.03
Gold Gram Karat 12k 70,875.95 42.76
Gold Gram Karat 10k 59,110.54 35.66
Gold Gram Karat 9k 53,156.96 32.07
Gold Gram Karat 8k 47,203.38 28.48

Common Gold Karats in Nigeria

In Nigeria, the gold karats most commonly used are 22K, 18K, and 14K. 22K gold is the most prevalent due to its high purity level of approximately 91.6%. It is favored for making traditional jewelry and is often used in weddings and celebrations, reflecting cultural heritage and wealth.

The second most common is 18K gold, which consists of 75% pure gold and 25% alloy. It offers a good balance between durability and purity, making it suitable for everyday wear. 18K gold has gained popularity among the younger population, especially for modern jewelry styles.

Following that is 14K gold, which contains 58.3% pure gold. Although less common than the higher karats, 14K gold is still used for specific jewelry pieces due to its increased durability and affordability. It appeals particularly to those who seek a balance of quality and cost, especially in trendy pieces.

In summary, while 22K remains the gold standard in Nigerian jewelry, 18K and 14K are also significant, catering to diverse preferences and budgets.

Gold Price Chart in Nigeria

How Gold Price is Determined in Nigeria

The price of gold in Nigeria is influenced by various factors that create a dynamic market environment. Strong global demand for gold, particularly from major economies, plays a crucial role in setting prices. As gold is traded on international markets, its price is primarily determined by the London Bullion Market, which reflects supply and demand trends worldwide.

In Nigeria, local factors also affect gold prices. The country has significant gold reserves and mining activities, with artisanal mining being common. The amount of gold mined, along with the efficiency of these operations, can impact local supply and, subsequently, pricing.

Additionally, foreign exchange rates influence gold prices in Nigeria. As gold is typically traded in U.S. dollars, fluctuations in the Nigerian Naira's value can lead to price changes when gold is converted for local transactions. Inflation rates and economic stability are other essential factors that affect investor confidence in gold as a safe-haven asset.

Overall, understanding the interplay between global markets, local mining activities, currency fluctuations, and the economic landscape is key to comprehending how gold prices are determined in Nigeria.

Price of Gold Bullion in Nigeria in Nigerian Naira

  • The price of gold bullion 5 grams 24K in Nigeria: 708,759.49 Nigerian Naira
  • The price of gold bullion 10 grams 24K in Nigeria: 1,417,518.98 Nigerian Naira
  • The price of gold bullion 20 grams 24K in Nigeria: 2,835,037.97 Nigerian Naira
  • The price of gold bullion 50 grams 24K in Nigeria: 7,087,594.92 Nigerian Naira
  • The price of gold bullion 100 grams 24K in Nigeria: 14,175,189.85 Nigerian Naira
  • The price of gold bullion 250 grams 24K in Nigeria: 35,437,974.62 Nigerian Naira
  • The price of gold bullion 500 grams 24K in Nigeria: 70,875,949.24 Nigerian Naira
  • The price of gold bullion 1000 grams 24K in Nigeria: 141,751,898.47 Nigerian Naira

Predictions for Gold Prices in Nigeria

The gold market in Nigeria has been experiencing fluctuations influenced by both local and global economic factors. Experts predict that gold prices may continue to rise in the coming months due to several key elements. First, the ongoing instability in the global economy, exacerbated by geopolitical tensions and inflation concerns, tends to drive investors towards the safety of gold. As a result, demand for gold in Nigeria is likely to increase, pushing prices higher.

Moreover, with the Nigerian Naira facing devaluation pressures, many investors are turning to gold as a hedge against currency risk. This trend may further support gold price increases within the country. Additionally, the recent advancements in gold mining and refining in Nigeria could potentially enhance local supply, but the demand dynamics may still keep prices elevated.

However, remote factors such as shifts in U.S. monetary policy and changes in global gold demand could impact these predictions. In summary, while there are strong indicators for rising gold prices in Nigeria, investors should remain cautious and stay informed about both domestic and international economic developments.

Gold price in Nigeria in October 2024 in Nigerian Naira

Date Gold Ounce Gold Gram Karat 24 Gold Gram Karat 22 Gold Gram Karat 21 Gold Gram Karat 18 Gold Gram Karat 14
3 October 2024 4,432,520.17 142,524.76 130,637.20 124,684.11 106,859.21 83,161.73
2 October 2024 4,431,273.24 142,484.67 130,600.45 124,649.04 106,829.15 83,138.33
1 October 2024 4,413,931.36 141,927.05 130,089.34 124,161.22 106,411.07 82,812.97
30 September 2024 4,437,473.25 142,684.03 130,783.18 124,823.44 106,978.62 83,254.66
29 September 2024 4,425,703.02 142,305.56 130,436.28 124,492.35 106,694.87 83,033.83
28 September 2024 4,425,703.02 142,305.56 130,436.28 124,492.35 106,694.87 83,033.83
27 September 2024 4,417,567.01 142,043.96 130,196.49 124,263.49 106,498.72 82,881.18
26 September 2024 4,388,085.10 141,095.98 129,327.59 123,434.18 105,787.97 82,328.05
25 September 2024 4,347,340.23 139,785.86 128,126.74 122,288.05 104,805.70 81,563.61
24 September 2024 4,263,984.25 137,105.60 125,670.03 119,943.30 102,796.15 79,999.70
23 September 2024 4,302,572.36 138,346.38 126,807.32 121,028.76 103,726.43 80,723.68
22 September 2024 4,303,018.35 138,360.72 126,820.46 121,041.30 103,737.18 80,732.05
21 September 2024 4,303,018.35 138,360.72 126,820.46 121,041.30 103,737.18 80,732.05
20 September 2024 4,248,523.46 136,608.47 125,214.37 119,508.40 102,423.42 79,709.63
19 September 2024 4,212,307.81 135,443.98 124,147.00 118,489.67 101,550.33 79,030.17
18 September 2024 4,204,384.50 135,189.21 123,913.48 118,266.79 101,359.32 78,881.51
17 September 2024 4,224,407.23 135,833.03 124,503.60 118,830.02 101,842.03 79,257.17
16 September 2024 4,256,408.14 136,862.00 125,446.75 119,730.19 102,613.50 79,857.56
15 September 2024 4,235,400.37 136,186.51 124,827.60 119,139.25 102,107.05 79,463.42
14 September 2024 4,235,400.37 136,186.51 124,827.60 119,139.25 102,107.05 79,463.42
13 September 2024 4,241,953.79 136,397.23 125,020.74 119,323.59 102,265.04 79,586.37
12 September 2024 4,176,624.71 134,296.61 123,095.33 117,485.93 100,690.08 78,360.69
11 September 2024 4,147,329.99 133,354.66 122,231.95 116,661.88 99,983.85 77,811.07
10 September 2024 4,114,224.96 132,290.19 121,256.26 115,730.66 99,185.75 77,189.96
9 September 2024 4,036,975.20 129,806.28 118,979.52 113,557.67 97,323.41 75,740.62
8 September 2024 4,012,900.19 129,032.16 118,269.97 112,880.46 96,743.01 75,288.93
7 September 2024 4,002,892.88 128,710.38 117,975.03 112,598.96 96,501.76 75,101.18
6 September 2024 4,040,226.67 129,910.83 119,075.35 113,649.13 97,401.80 75,801.63
5 September 2024 3,997,730.61 128,544.39 117,822.89 112,453.74 96,377.31 75,004.33
4 September 2024 3,962,867.82 127,423.40 116,795.40 111,473.08 95,536.83 74,350.24