Want to know the latest gold prices in Nigeria? You’re in the right spot. Here, you get live updates on gold prices in Nigeria. This helps you make smart choices about your gold investments.
As of November 28, 2024, gold costs ₦4,446,854 per ounce in Nigeria. This is up from ₦4,440,637 on November 27, 2024. These prices change all day, every day, because of global market shifts.
Key Takeaways
- The current gold price in Nigeria is ₦4,446,854 per ounce as of November 28, 2024.
- Gold prices in Nigeria are updated throughout the day to reflect the most recent changes in the market.
- Spot gold prices in Nigeria reflect immediate settlement of contracts in the commodities market.
- Gold prices fluctuate 24 hours a day, 5 days a week, based on supply and demand in global and Nigerian commodity exchanges.
- The Live Price of Gold website provides real-time information on gold prices in various currencies, including Nigerian Naira.
Understanding Nigeria’s Gold Market Dynamics
Nigeria is in West Africa and has the biggest economy in Africa. It’s among the top 25 in the world for money value. The Nigerian Naira (NGN) is the official money, started in 1973. Gold plays a big role in Nigeria’s economy, but it’s not the biggest part.
The Role of Gold in Nigerian Economy
Gold trading in Nigeria happens during global market hours. Prices change because of both world and local things. Even though mining is big in Nigeria, gold’s share in the economy is small. But, more people want gold as a safe way to keep money when times are tough.
Online gold trading is getting more popular in Nigeria. This lets people easily join the global gold market. It could change how people invest and grow their wealth in Nigeria.
Market Trading Hours and Operations
The Nigerian gold market works with the world’s trading hours. This lets Nigerian investors join the global gold market. They can see price changes and find new chances to trade.
The mix of world and local factors affects Nigeria’s gold market. It brings both problems and chances for those who invest in gold.
Latest Gold Rates in Nigerian Naira
As of November 28, 2024, the current gold prices in Nigeria are as follows:
| Gold Karat | Price per Gram (NGN) |
|---|---|
| 24K | ₦141,815.78 |
| 22K | ₦130,033.28 |
| 21K | ₦124,213.02 |
| 18K | ₦106,468.30 |
| 14K | ₦83,045.27 |
| 12K | ₦70,978.87 |
| 10K | ₦59,196.37 |
| 9K | ₦53,234.15 |
| 8K | ₦47,271.93 |
The current spot price of gold in Nigeria is ₦4,446,854 per ounce. This is a change from yesterday’s price of ₦4,440,637. Over the past year, the gold price has gone up from ₦1,632,899 per ounce.
The highest gold price in Nigeria was ₦4,625,608 per ounce on November 22, 2024. The latest update was on November 28, 2024, at 8:25 AM UTC.
The Nigerian gold market has seen big changes. Prices have ranged from ₦4,441,201.41 to ₦4,601,801.39 per ounce. Investors should watch the current gold price in Nigeria and the gold rate in Nigeria closely.
Price of Gold in Nigeria: Breaking Down the Rates
Gold prices in Nigeria depend on many things. The gold’s purity and the costs of making it into jewelry matter. Let’s explore how these factors affect gold prices in Nigeria.
24K Gold Prices Per Gram
Right now, 24-karat gold in Nigeria costs about ₦143,322.29 per gram. This gold is very pure, with 999.9 parts per 1,000.
22K and 18K Gold Variations
Nigeria also has 22K and 18K gold. 22K gold costs about ₦131,569.86 per gram. Meanwhile, 18K gold is priced at around ₦107,491.71 per gram.
Premium and Labor Costs
Gold prices also include extra costs like premiums and labor. These costs can change the final price of gold in Nigeria. The “spread” setting, which is the profit margin, is key to understanding the total cost.
Gold prices in Nigeria can change due to market and economic factors. Knowing the latest prices and how they’re made up helps buyers and sellers in Nigeria.
Gold Trading Currency Conversions
Gold investment and trading in Nigeria need you to know about currency changes. As of November 28, 2024, here are the exchange rates for major currencies against the Nigerian Naira:
- USD/NGN – 1,689.66
- EUR/NGN – 1,779.53
- GBP/NGN – 2,137.19
- AUD/NGN – 1,095.05
- CAD/NGN – 1,204.75
Currency changes are key in gold trading. The Naira’s value affects gold prices in Nigeria. Since June 2016, the Naira’s ups and downs have changed gold costs for investors and traders.
| Currency Pair | Exchange Rate | Equivalent Gold Value (per ounce) |
|---|---|---|
| 1 XAU (1 ounce of gold) | 4,440,161.34 NGN | – |
| 100 XAU | 444,016,133.58 NGN | – |
| 500 XAU | 2,220,080,667.89 NGN | – |
| 10 XAU | 44,401,613.36 NGN | – |
Knowing about currency changes is key for Nigerian gold investors and traders. It helps them make smart choices and manage their money well. By keeping up with exchange rates, they can figure out their gold’s value and make good trading moves.
“Investing in gold is a smart move, especially in a volatile economy like Nigeria. The currency conversions provide valuable insight into the true value of your gold holdings.”
Factors Influencing Nigerian Gold Prices
The price of gold in Nigeria changes due to many things. These include global market forces, local market conditions, and key economic indicators. Knowing these factors helps investors, traders, and consumers in the Nigerian gold market.
Global Market Forces
The global demand and supply dynamics for gold affect Nigerian prices. Events like political instability or economic sanctions can change gold supply and prices. Also, how strong the U.S. dollar is can change gold’s value in Nigeria.
Local Market Conditions
Nigeria’s economic stability, inflation, and gold demand shape the local market. The purity of gold, like 24 karat gold, is very important. Mining, imports, exports, and local retailers’ activities also affect prices.
Economic Indicators
Macroeconomic indicators like GDP growth, interest rates, and the Nigerian Naira’s performance matter. Government policies and regulations on gold mining, trading, and taxes also play a role. These can change supply and demand, affecting prices.
Nigeria’s oil income also impacts gold prices. The country’s economy is tied to oil. So, oil market changes can affect gold prices.
“Understanding the complex factors that drive Nigerian gold prices is crucial for both investors and consumers looking to participate in this dynamic market.”
Investment Options in Nigerian Gold Market
Nigeria’s economy is growing, and so is the interest in gold investment. Gold is seen as a safe way to keep wealth. It’s especially useful in Nigeria because of its high inflation rates.
Nigerian investors have a few gold investment choices:
- Physical gold, like bars, coins, and jewelry
- Gold ETFs (Exchange-Traded Funds), for easy market access without owning physical gold
- Gold mining stocks, for indirect gold industry participation
The NewGold ETF is a hit on the Nigerian Stock Exchange (NGX). It’s priced around N8,800 per share. This ETF makes it easy to invest in gold without the hassle of physical storage.
For a more hands-on gold buying experience, Nigeria’s jewelry market and gold bullion are great options. Gold trading peaks during London’s session (08:00-18:00 GMT). The XAUEUR and XAUUSD spreads are usually between 0.25 and 0.26.
Gold is a valuable asset, keeping wealth safe for many generations. As Nigeria’s economy grows, gold investment might become more appealing. It’s a smart way to diversify and protect against economic ups and downs.
Historical Gold Price Trends in Nigeria
The gold prices in Nigeria have changed a lot over the years. Between November 28, 2024, and May 26, 2024, covering the last six months, gold price trends in Nigeria shown in tabular format were provided on the webpage. This shows how the Nigerian gold market changes and what affects prices.
Five-Year Price Analysis
Looking at gold prices in Nigeria over five years shows big changes. The highest price was ₦4,625,608 per ounce on November 22, 2024. The lowest was ₦1,632,899 per ounce on November 28, 2023. This big change shows why it’s important to watch gold prices Nigeria and Nigerian gold prices closely.
Market Volatility Patterns
The ups and downs in gold prices Nigeria and Nigerian gold prices come from global and local factors. The current gold price rate in Nigeria is 4,455,596.5204 Nigerian Naira as of 26-Nov-2024. Prices change every day, sometimes a lot, sometimes not much.
Price Predictions
Predicting future gold prices Nigeria and Nigerian gold prices is hard. Many things affect the market. But, experts think the Nigerian gold market will keep being volatile. By looking at past data, we can make better guesses about future prices.
“The data allows for tracking trends and fluctuations in gold prices in Nigeria over time.”
Buying and Selling Gold in Nigeria
Understanding buying gold Nigeria and selling gold Nigeria is key. Gold prices change based on the world market and Nigeria’s economy. It’s often sold by the ounce, gram, or kilo.
When buying gold, check its realness and purity. Good dealers or banks offer fair prices and real gold. Think about where to store it and any extra costs. The price of 1 Ounce Gold in Nigeria is 4,418,221.91 Nigerian Naira.
When selling gold, know the current prices. The gold’s purity, weight, and demand affect the price. Dealing with trusted buyers ensures a fair deal. The price of 1 Gram Gold in Nigeria is 142,065.01 Nigerian Naira.
| Gold Purity | Price per Gram (NGN) | Price per Kilogram (NGN) | Price per Tola (NGN) |
|---|---|---|---|
| 24K | 141,922.95 | 141,903,788.48 | 1,655,176.38 |
| 22K | 130,131.55 | 130,113,984.23 | 1,517,659.23 |
| 21K | 124,306.89 | 124,290,105.03 | 1,449,729.06 |
| 18K | 106,548.76 | 106,534,375.74 | 1,242,624.91 |
| 14K | 83,108.03 | 83,096,813.08 | 969,247.43 |
| 12K | 71,032.51 | 71,022,917.16 | 828,416.61 |
| 10K | 59,241.11 | 59,233,112.91 | 690,899.45 |
| 9K | 53,274.38 | 53,267,187.87 | 621,312.46 |
| 8K | 47,307.65 | 47,301,262.83 | 551,725.46 |
Whether you’re buying gold Nigeria or selling gold Nigeria, choose reliable dealers. They ensure fair prices and real gold.
“Sell Gold Nigeria Ltd has been a trusted partner in my gold buying and selling journey. Their professionalism, reliability, and fair pricing have been truly impressive. I highly recommend their services to anyone looking to transact in the Nigerian gold market.”
Conclusion
The Nigerian gold market is full of changes. It’s shaped by global and local events. Knowing the current gold price in Nigeria is key for anyone interested.
Nigeria, being Africa’s biggest economy, has both chances and hurdles in its gold market. You need to watch economic signs, currency changes, and market ups and downs.
To make smart choices in the Nigerian gold market, keep up with live updates. Talking to financial experts is also a good idea. This way, you can understand what affects gold prices in Nigeria.
Whether you’re experienced or new to the Nigerian gold market, knowing the trends is important. The gold market in Nigeria is always changing. So, always be ready to adjust your plans.