Gold is one precious metal that is highly valued in the market. That is why it is a precious and only seen with the rich. The price of gold is not constant, it is dynamic and respond to a lot of forces.
There are many places to buy gold in the world. Dubai is a country known to sell original gold. But in Nigeria You can buy gold in Lagos, at wise market in Abuja e.t.c.
Wherever you choose to buy gold necklaces, ring, chain or anything related to this natural element, be careful or better still go with two people to avoid been robbed or cheated.
It is a well-known fact that gold is the world’s real currency and means of the exchange. Actually, it is one of the institutionalized tenders that has stood the test of time. As for the other currencies, they have the propensity to lose their value because of market manipulation, inflation, and changing government fiscal policies.
In Nigeria, the price of gold depends on variety of factors but before we discuss that, lets take a lot at the latest price of gold in Nigeria in 2017. It is important you bookmark this page as it will be constantly updated.
The unit of measurement of gold in Nigeria is either in ounce, gram and kilogram in different karat grade.
According to Goldprice, the prices below is for per gram this 2017.
- 10K = 5,229.13
- 12K = 6,274.46
- 14K = 7,319.78
- 18K = 9,411.68
- 21K = 10,980.30
- 21.6K = 11,294.02
- 22K = 11,503.59
- 24K = 12,536.36
Factors Determining the Price of Gold in Nigeria
The price of gold as later stated is in a dynamic state. It changes as a result of some factors and some of these are discussed below.
War and financial crisis
Are you looking for one commodity that increase in value as a result of financial crisis in a country? it is gold! During financial crisis when people do not have confidence in the government, they resolve to investing in gold which ultimately lead to a rise in its value. In case of war, there’s a rise in the value too as mining of this commodity is reduced or even stopped.
Though the united states dollar is not the Nigerian currency, a strong dollar or increase in the value of dollar (i.e. decline in dollar) lead gold investors into buying more.
The higher the production cost of gold, the higher it price and that is why with the increase in cost of production in almost all sectors of the country, the value of gold have also increased.
An increase in the demand of gold leads to an increase in it price that is why when there’s money in circulation and the demand for jewelries is high, the gold respond by an increase in price