Gold Prices in Nigeria Today (June 2024)

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Gold has a long and rich history, dating back centuries, and is one of the most sought-after metals in the world, prized for its rarity, beauty, and versatility. 

Today, gold has excellent value in Nigeria, with its price influenced by various economic and geopolitical factors. So, what is the current price of gold in Nigeria? Let’s find out. However, you might want to read about the latest price of silver in Nigeria.

Different Measurements Of Gold In Nigeria

There are different ways by which you can measure gold, and some are:

  • Gram: It is a metric unit of mass equal to one-thousandth of a kilogram. Gold prices in Nigeria are often quoted in terms of cost per gram.
  • Tola: Tola is a traditional South Asian unit of mass equal to 11.6638 grams. Tola is often used for measuring gold in Nigeria’s local markets.
  • Ounce: Ounce is equal to 28.3495 grams. Gold prices in international markets are often quoted in terms of cost per ounce.
  • Troy ounce: Troy ounce equals 31.1035 grams and is the standard unit of measurement for precious metals in international markets.
  • Kilogram: A kilogram is a metric unit of mass equal to 1,000 grams. It is less commonly used for weighing gold in Nigeria, but it is a standard unit of measurement in international markets.
Gold Prices in Nigeria )

Karat

Karat describes the purity of gold; as a unit of measurement that indicates the amount of pure gold in a piece of gold jewelry or other gold items.

Gold in its purest form is 24 karats, which contains 100% gold with no other metals or alloys mixed in.

But pure gold is too soft for most practical purposes; it’s often mixed with other metals to increase its strength and durability.

When gold is alloyed with other metals, it reduces the purity of gold, and the karat number is used to indicate the percentage of pure gold in the alloy. For example, 18-karat gold contains 75% pure gold, while 14-karat gold has 58.3% pure gold.

Things to know about karat

  • Karat vs. carat: Karat is often confused with carat, a unit of weight used to measure gemstones. The two terms are spelt differently and have different meanings.
  • Karat stamp: Most gold jewellery will have a karat stamp indicating the purity of the gold. You will find the stamp on the inside of a ring band, the clasp of a necklace, or on the back of an earring post.
  • Price: The higher the karat number, the more pure gold a piece contains, and the more expensive it is likely to be. 
  • Durability: The lower the karat number, the more durable the gold item will likely be. This is because the other metals in the alloy provide additional strength and hardness.
  • Color: Different alloys can create different shades of gold. For example, white gold is often alloyed with nickel or palladium to make a silver-white color, while rose gold contains copper to create a pinkish hue.

Gold Price in Nigeria (Gram, Ounce, Kilogram, Tola)

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The gold price of different karat in Nigeria as of today are listed below;

MeasurementGold QualityPrice (NGN)
Gram24K₦47,655.42
Ounce24K₦1,482,083.69
Kilogram24K₦47,655,424.15
Tola24K₦555,843.34
This table provides the price, high, low, and change values for gold measured in grams, ounces, kilograms, and tolas, all of 24K quality, as of 13 October 2023​

Factors that Affect the Prices of Gold in Nigeria

Different factors affect the prices of gold in Nigeria.

The price of gold fluctuates from time to time based on market conditions.

Hence, it is good to ask different places and compare prices from their dealers before making any purchases.

Some of the factors are

  • Local market: The price of gold in Nigeria’s local market is often influenced by supply and demand factors. 
  • International market: The price of gold in Nigeria is also influenced by global market trends. 
  • Purity: The purity of gold can affect its price. Higher purity gold is generally more expensive than lower purity gold because it has more pure gold in the alloy.
  • Weight: The weight of gold can also affect its price. The heavier the gold item, the more expensive it is likely to be.
  • Design: The design of a gold item can also influence its price. Unique and intricate designs are often more expensive than simpler designs.
  • Brand: Gold items from well-known and reputable brands often command a higher price than lesser-known ones.

Know This Before Buying Gold

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Here are some essential tips to note when buying gold:

  • First, buy gold from a good dealer and always check for invoices and receipts.
  • Check the purity of the gold before buying.
  • Before buying gold, ensure you are up-to-date with the prices from different places.
  • Find a secure place to secure your gold. 

FAQ’s

Is investing in Gold a good idea in Nigeria? 

Gold can be a good investment option in Nigeria, especially during economic uncertainty or market volatility. 

As a safe-haven asset, gold can help protect against inflation, currency devaluation, and other economic risks. But like any investment, it’s essential to research and consider the risks and potential returns before investing in gold.

Where can I buy gold in Nigeria? 

You can buy gold in Nigeria from authorized dealers or online platforms specializing in gold trading. 

It’s crucial to ensure that the dealer or platform you’re buying from is reputable and authorized to sell gold in Nigeria to avoid scams and fraudulent activities.

Conclusion

After going through this article and knowing the price of gold, you know why or how to buy gold; gold remains a valuable and highly prized commodity in Nigeria, reflecting its enduring appeal and intrinsic value.

Whether you’re a gold investor or simply interested in the metal’s rich history and cultural significance, keeping an eye on gold prices in Nigeria is always fascinating and worthwhile.

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