Gold is found in several African countries, such as Nigeria, primarily in northern Nigeria. The northern parts of Nigeria.
It is within Iperindo in Osun State and other areas in the vicinity of Maru Tsohon Birnin Gwari Kwaga, Maru, Gurmana, Anka, Malele, Bin Yauri, and Okolom Dogondaji.
Although it’s not the country’s most dominant state, some states with smaller deposits include Abia, Abuja, Bauchi, Edo, Cross River, Niger, Sokoto, Osun, Oyo State, Kebbi, Kaduna, Kogi, and Zamfara.
What is Gold?
It is an element in the chemical world bearing its symbol Au (from Latin: aurum) and the atomic number 79, making gold one of the highest elemental atomic numbers found naturally. Its pure form is an intense, slightly reddish yellow, a dense, malleable, soft, and flexible metal. Chemically, it is a transitional metal and an element of group 11. It is among the chemical elements that are least reactive and is a solid element under normal conditions. Gold has a very dense density of 19.3 grams per cubic centimeter. This is less than lead. As with all metals, it is malleable. But, it’s easier to press out than most other metals. One ounce can be stretched up to more than 300 sq. feet. Other characteristics of gold are its resistance to the process of oxidation. Metals typically develop oxide on their surfaces due to exposure to oxygen in room temperatures and conditions. However, gold does not form this layer quickly. In addition, most cases don’t affect gold by bases and acids. Gold is highly durable!
What is the Gold Price Fixing?
Over a century, five firms ran the London Gold Market Fixing Company and established prices using the use of a telephone system known as”the “London Gold Fix.” 1 On the 20th of March in 2015 the ICE Benchmark Administration (IBA) was appointed to replace the procedure using an auction on the internet called”the LBMA Gold Price. 2 3 LBMA is the sole owner of the process. Various banks, an oversight committee, and a group composed of external and internal chair members form the IBA. Between 10:30 am and 3:00 pm UK Time, the IBA releases its LBMA Price of Gold twice a day. Price for the year in US dollars. This is a benchmark price for investors, gold producers, and consumers, as well as central banks around the world. Gold prices are updated in real-time according to financial assessments of auctions conducted each 45-second interval anonymously. Prices are fixed if all buy and sale orders and imbalances fall within 20,000 troy ounces.
How Much is Gold Per Gram in Nigeria
Today, the Gold Price for Nigeria currently stands at 23,290.3 NGN per Gram. Likewise, the price for 1 Kilo of Gold has been set at 272,082.8 NGN An Ounce Price of 725,554.1 NGN in addition, the Tola Gold Price in Nigeria stands at 272,082.8 NGN.
|Gold Unit||Gold Price in Nigerian Naira|
|1 Gram 24K||28,290.3 NGN|
|1 Gram 23K||29,319.9 NGN|
|1 Gram 22K||31,349.4 NGN|
|1 Gram 21K||32,379.0 NGN|
|1 Gram 18K||25,467.7 NGN|
|1 Gram 16K||24,526.9 NGN|
|1 Gram 14K||23,586.0 NGN|
|1 Gram 10K||21,704.3 NGN|
|1 Gram 9K||18,733.9 NGN|
24 Karat Gold price in Nigeria
It is 24- Karat gold, a pure type of gold. It is 100 percent gold, making it the most valuable kind. In general, the price of gold, as with all other kinds of gold, mainly depends on the currency exchange rate during the time you trade the gold. While the price that gold is worth, regardless of the amount of karat, has been relatively stable over the last couple of several months, it is minor variations in the prices they fetch. Below is a list of prices of different categories of 24 K gold currently available in the market.
- Prices of 24 Karats Gold per Gram (1 Gram) – N28, 578 – N29, 585
- Prices of 24 Karats Gold 2.5 Gram – N59, 945 – N63, 963
- Prices of 24 Karats Gold 5 Grams – N135, 890 – N155, 925
- Prices of 24 Karats Gold 10 Grams – N281, 780 – N291, 850
- Prices of 24 Karats Gold 20 Grams – N493, 560 – N503, 700
- Prices of 24 Karats Gold 50 Grams – N1, 388, 900 – N1, 489 250
- Prices of 24 Karats Gold 100 Grams – N2, 447, 800 – N2, 548, 500
- Prices of 24 Karats Gold 1000 Grams – N23, 778, 000 – N23, 985, 000
The table above outlines the prices for various types of 24 Karat gold available in the present market. The fluctuation in prices mentioned above is the result of the fluctuations in the rate of exchange. At the same time, we can assure you that for the price we have mentioned above, buyers must verify the current 24 K gold available on the market before purchasing because there may be an increase or decrease in prices due to fluctuations in the naira-dollar exchange rate.