If you want to know the gold price in Benin, you’re in the right spot. LivePriceofGold.com gives you the latest gold rates. This includes 24K, 22K, 21K, 18K, and 14K gold. As of December 3, 2024, 24K gold costs 53,236.73 XOF per gram.
The site also shows gold prices in ounces, kilograms, and tolas. This makes it simple to follow market trends. You can also see currency exchange rates for USD/XOF, EUR/XOF, and GBP/XOF. This helps you understand how currency changes affect gold prices.
Key Takeaways
- LivePriceofGold provides real-time gold rates in Benin for various purities (24K, 22K, 21K, 18K, 14K).
- The current live gold price per gram for 24K gold in Benin is 53,236.73 XOF.
- Gold prices are available in different weight units, including grams, ounces, kilograms, and tolas.
- Currency exchange rates for USD/XOF, EUR/XOF, and GBP/XOF are provided to track market fluctuations.
- The website offers a comprehensive overview of the gold market in Benin, making it easy to stay informed.
Understanding Gold Rates in Benin’s Market
In Benin, the gold market has many purity levels. This gives traders and investors lots of choices. The most common levels are 24 karat (24K), 22 karat (22K), and others.
24K gold is the purest. Lower karat levels mean there are other metals mixed in.
Different Gold Purity Standards
Gold purity in Benin is measured in karats. 24K is the finest and most valuable. The market offers many options for different tastes and budgets.
People can choose from 22K, 21K, 18K, 14K, and 10K gold. Each has its own price and characteristics.
Factors Affecting Local Gold Prices
The price of gold in Benin changes due to many things. Global market trends and currency exchange rates play big roles. The value of the West African CFA franc (XOF) against major currencies also affects prices.
Currency Exchange Impact on Gold Values
The West African CFA franc (XOF) is key for gold transactions in Benin. How the XOF compares to other currencies like the USD, EUR, and GBP is very important. Changes in the XOF’s value change gold prices for everyone in Benin.
| Purity Level | Gold Content | Common Applications |
|---|---|---|
| 24K | 100% Pure Gold | Jewelry, Investments |
| 22K | 91.67% Pure Gold | Jewelry, Decorative Items |
| 21K | 87.50% Pure Gold | Jewelry, Ceremonial Items |
| 18K | 75% Pure Gold | Jewelry, Watches |
| 14K | 58.33% Pure Gold | Jewelry, Accessories |
| 10K | 41.67% Pure Gold | Jewelry, Budget-friendly Items |
Knowing about gold purity, price factors, and currency impact helps traders and investors in Benin. They can make smart choices in the precious metals market.
Current Price of Gold in Benin
As of the latest update on December 3, 2024, the gold prices in Benin are as follows:
- 24K gold – 52,784.08 XOF/gram
- 22K gold – 48,385.40 XOF/gram
- 21K gold – 46,186.07 XOF/gram
- 18K gold – 39,588.06 XOF/gram
The spot gold price per ounce is 1,641,584.73 XOF. These prices change with the market and update in real-time.
| Date | Gold Price (XOF/ounce) |
|---|---|
| December 2, 2024 | 1,650,690 |
| December 3, 2024 | 1,653,672 |
| November 22, 2024 | 1,709,578 |
Experts say 5-10% of a gold investments Benin portfolio should be in commodities like gold. You can also diversify based on your risk level. The prices of gold jewelry Benin change all day as traders buy and sell.
“Gold prices in Benin vary due to supply and demand dynamics, influenced by macroeconomic and geopolitical factors.”
Gold is traded all day, every day, except weekends. This leads to constant price changes. Gold is pricey because it’s used for many things, like jewelry and in industry. This high demand makes its price go up.
Gold Trading and Investment Options in Benin
Benin has many gold trading and investment chances. You can buy physical gold bars or join the lively bullion markets. It’s a great place for gold lovers to explore.
Gold Bar Investments
Buying physical gold bars is a favorite in Benin. Bars come in different weights to fit everyone’s needs. You can start with 1 gram or go up to 500 grams.
Bullion Trading Opportunities
Benin also offers bullion trading. This market lets you buy and sell gold bullion like coins and ingots. It’s a chance to make money from gold price changes.
Common Gold Weight Measurements
- Grams (g)
- Ounces (oz)
- Kilograms (kg)
- Tolas (t)
Knowing gold weight measurements is key in Benin. You’ll see grams, ounces, kilograms, and tolas. Each has its own role in the gold world.
The gold market in Benin is shaped by local and global factors. It offers chances for gold mining and gold exports. Learning about these options helps you join Benin’s booming gold scene.
Understanding Gold Price Variations by Weight
Gold prices in Benin change a lot based on weight and purity. For instance, a 1-gram gold bar (24K) might cost about 53,236.73 XOF. But a 100-gram bar could be priced at 5,323,673.05 XOF. Buying more gold usually means you get a better deal per gram.
The price of gold in Benin keeps changing with the global market. This helps investors and buyers make smart choices. Let’s explore how weight affects gold prices:
- Small Quantities: Gold bars or coins from 1 gram to 10 grams cost more per gram. This is because of the extra costs for handling and processing small sizes.
- Medium Quantities: Gold bars or coins from 20 grams to 50 grams usually have a better price per gram. This is because of the savings from making more gold at once.
- Larger Quantities: Gold bars or coins over 100 grams often have the best deal per gram. This is because the costs are spread out over more gold.
Remember, prices can change based on the market. They might not show the current price of gold in Benin or gold rates Benin. Keeping up with the latest gold rates Benin helps you make better choices when investing or buying gold.
“Gold is a store of value, a hedge against inflation, and a safe haven in times of economic uncertainty. Understanding how gold prices vary by weight can help you maximize your investment potential.”
Conclusion
The gold market in Benin has many investment chances. Prices change based on purity, weight, and market conditions. Investors can check real-time gold rates on sites like LivePriceofGold.
Knowing what affects gold prices is key. This includes currency rates and global trends. It helps investors make smart choices in Benin.
Africa, especially Ghana, South Africa, and others, is big in gold production. In 2021, Africa made at least 870 metric tons of gold. The gold market in Benin is part of this big picture.
Large mines and small-scale mining are both big in Benin’s gold market. They help supply gold to the world.
Investors can find many chances in the Benin gold market. They can look at gold bars, bullion, or other options. Keeping up with market trends is important for success.