Gold Price per Ounce 24K in Zimbabwe (999)

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

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., 2,721)

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

   Assume the exchange rate is 362 Zimbabwe Dollar per United States dollar. Use the formula:

   Gold price in Zimbabwe Dollar = Gold price in United States dollar × United States dollar to Zimbabwe Dollar exchange rate
   Gold price in Zimbabwe Dollar = 2,721 × 362 = 984,896 Zimbabwe Dollar per ounce 24K

3. Add the manufacturing cost

   Assume making charges are 2500 Zimbabwe Dollar 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 = 984,895.90 + 77,750.00 = 1,062,645.90 Zimbabwe Dollar

Conclusion

The price of 1 Ounce 24K gold with making charges is approximately 1,062,645.90 Zimbabwe Dollar.

Gold Making Charges in Zimbabwe

In Zimbabwe, the gold making charges typically refer to the fees associated with processing and refining gold, which can be significant for both miners and buyers. These charges are commonly expressed as a percentage of the gram price of gold. On average, making charges can range from 5% to 10% of the gram price, depending on various factors such as the purity of the gold and the specific service provider.

For instance, if the current market price of gold is approximately USD 60 per gram, making charges at 7% would amount to around USD 4.20 per gram. In local currency, assuming an exchange rate of 1 USD = 1,000 Zimbabwean Dollars (ZWL), this translates to an approximate making charge of 4,200 ZWL per gram.

These charges can significantly impact the overall cost of gold transactions. Therefore, both sellers and buyers must consider these costs when engaging in the gold market in Zimbabwe, as they can vary widely and affect the profitability of gold trading.