Current Gold Price In Nigeria Today (24 March, 2024)

For ages, the allure and practicality of gold as a storehouse of wealth has captivated Nigerians. As of today, March 16, 2024, the Current Gold Price in Nigeria is 111,710.19 NGN per gram of 24K gold.

Several elements are impacting the market that must be considered to understand the present gold price in Nigeria.

Prospective buyers and sellers will find useful information in this piece as it investigates these issues, discusses where to get the most recent prices and more.

Different Gold Karat Prices Per Gram in Nigeria Today

As of today Sunday, 24 Mar 2024, below are representations of the different karat of gold and their prices per gram.

Gold Carat	Gold Price per Gram [Naira]
1 GRAM GOLD OF 24K	111,710.19
1 GRAM GOLD OF 22K	102,549.96
1 GRAM GOLD OF 21K	97,746.42
1 GRAM GOLD OF 18K	83,782.64
1 GRAM GOLD OF 14K	65,350.46
1 GRAM GOLD OF 10K	46,583.15
1 GRAM GOLD OF 6K	27,927.55

Different Gold Karat Prices Per Kilogram in Nigeria Today

As of today Sunday, 24 Mar 2024, below are representations of the different Karat of gold and their prices per kilogram.

Gold Carat	Gold Price per kilogram [Naira]
1 KILOGRAM OF GOLD OF 24K	111,710,191.20
1 KILOGRAM OF GOLD OF 22K	102,549,955.53
1 KILOGRAM GOLD OF 18K	83,782,643.40
1 KILOGRAM GOLD OF 14K	65,350,461.85
1 KILOGRAM GOLD OF 10K	46,583,149.73
1 KILOGRAM GOLD OF 6K	27,927,547.80

Different Gold Karat Prices Per Ounce in Nigeria Today

As of today Sunday, 24 Mar 2024, below are representations of the different Karat of gold and their prices per Ounce.

Gold Carat	Gold Price per ounce [Naira]
1 OUNCE GOLD 24K	3,474,186.95
1 OUNCE GOLD 22K	3,189,303.62
1 OUNCE GOLD 21K	3,039,913.58
1 OUNCE GOLD 18K	2,605,640.21
1 OUNCE GOLD 14K	2,032,399.36
1 OUNCE GOLD 10K	1,448,735.96
1 OUNCE GOLD 6K	868,546.74

Local Factors Affecting Nigerian Gold Price

Nigeria’s gold price is affected by some local factors, including the following:

Import Duties and Taxes: In addition to imposing import duties and taxes, the government of Nigeria imposes import tariffs and taxes on gold. These can change based on the kind of gold that is being imported as well as the quantity of gold. There is a clear correlation between this and the ultimate price that local businesses provide.

Exchange Rate: The exchange rate between the Nigerian Naira (NGN) and other currencies, particularly the United States Dollar (USD), is an important factor to consider. As a result of the fact that gold is frequently priced in US dollars, a weaker Naira results in a higher price for gold in Nigeria.

Availability and Supply: The variations in supply and demand that occur within Nigeria are another factor that affects the price. If gold is easily accessible, its prices might be modestly reduced. On the other hand, prices could go up if there is a restricted supply because of import limitations or if there is a high demand throughout the various holiday seasons.

Retailer Markup:  Retailers apply a markup to their prices to compensate for their expenses and increase their profit margins. There is a possibility that this markup will change based on the vendor, the type of gold goods (bars, coins, jewelry), and the ability to negotiate.

How Speculation Affects the Price of Gold in Nigeria

Speculators are people who are in the market to make money from short-term changes in prices. They don’t have to have the gold itself; their main goal is to buy low and sell high. This kind of speculation can have two effects on the price of gold:

• A self-fulfilling prophecy happens when a lot of traders think the price of gold will go up and buy a lot of it. The price goes up because of the higher demand, which backs up their original opinion and brings in more buyers. This sets off a positive feedback loop that could cause prices to rise too quickly.
• Herd Mentality: Investors will sometimes buy gold just because everyone else is doing it. This “herd mentality” can make price changes stronger. If there is a negative mood that leads to a sell-off, the price can drop very quickly, even if the facts haven’t changed much.

How Investor Sentiment Affects Price of Gold in Nigeria

• Short-term changes in the price of gold are largely caused by how investors feel, which is often affected by news and events.
• Fear and Uncertainty:  People often put their money in safe investments like gold when there is economic instability, political unrest, or a global crisis. Gold prices can go up when people are afraid and want to buy more.
• Positive Economic Outlook: On the other hand, gold may not be as appealing as other investments when the economy is strong and interest rates are low. This change in how people feel can cause prices to go down.
• Market Manipulation: In the worst situations, dishonest people might share false information or trade in a way that affects the way investors feel so they can make money from short-term price changes.

FAQs – Current Gold Price In Nigeria Today (24 March 2024)

How much is 1 gram of gold right now?

1 gram of 24-carat gold will cost you 111,710.19 NGN, and for 22 carats, it will cost you 102,549.96.

1 Kg Of Gold Price In Nigeria

1kg of 24K gold will cost you N111,710,191.20

Conclusion

Current gold price In Nigeria today is a reflection of a complex interplay between global and local factors. By understanding these factors, potential buyers and sellers can make informed decisions.

Always conduct thorough research, consider your financial goals, and comparing prices from different vendors are key to navigating the Nigerian gold market successfully.

The price of gold is also affected by the impurity present in it, the purest form of gold is the 24K gold which is 100% gold without additional metals.