24 Karat Gold Price in Nigeria (2023)

Gold is one of the most highly valued in the world. Apart from the fact that the refined mineral has proven to be a credible way to retain the value of money over the years, it also opens the door for great investment opportunities. Gold has maintained steady value regardless of the state of the economy. While some have preferred to invest in pure gold coins and bars, many more have rather invested in gold in the form of jewelry.

24 Karat Gold price in Nigeria

The 24 Karat Gold is the purest form of gold. This type contains a hundred percent gold, making it more valuable than other kinds. Here, we will take a look at how much 24 Karat Gold sells for in the current market in Nigeria.

24 Karat Gold price in Nigeria

The 24 Karat gold is the purest form of gold. It contains a hundred percent gold and hence, the most valuable form. Generally, the value of gold, like all other categories of gold, depends largely on the currency exchange rate at the period you are trading the gold. Although the price of gold, regardless of the karat, has been relatively steady over the past months, there are still slight variations in the prices they go for. The list below shows the prices of various categories of 24 K gold as gathered in the current market.

Prices of 24 Karats Gold per Gram (1 Gram) – N23, 178 – N23, 185
Prices of 24 Karats Gold 2.5 Gram – N57, 945 – N57, 963
Prices of 24 Karats Gold 5 Grams – N115, 890 – N115, 925
Prices of 24 Karats Gold 10 Grams – N231, 780 – N231, 850
Prices of 24 Karats Gold 20 Grams – N463, 560 – N463, 700
Prices of 24 Karats Gold 50 Grams – N1, 158, 900 – N1, 159 250
Prices of 24 Karats Gold 100 Grams – N2, 317, 800 – N2, 318, 500
Prices of 24 Karats Gold 1000 Grams – N23, 178, 000 – N23, 185, 000

The list above points out the prices of various categories of 24 Karat gold as gathered in the current market. The variation in prices as emphasized above is a result of the variation in the currency exchange rate. While we can guarantee the prices highlighted above, it is essential for buyers to confirm the current prices of the 24 K gold in the market before buying, as there could be a rise or dip in the prices as a result of fluctuation in the naira-dollar exchange rate.

What you should Know about 24 Karat Gold

The 24 Karat gold is the purest form of gold available today. Unlike other types, like the 10 Karat, 14 Karat, and 18 Karat gold, which are alloys that contain gold and other metals, 2the 4 Karat gold is a hundred percent pure gold. This gives the gold a very bright and powerful color that instantly appeals to the eye. The 24 Karat gold is also rated among the most valuable and hence, is not usually used for engagement rings. As expected, the 24 K gold is relatively soft and is prone to bend and scratch quite easily, which makes it a bad choice for everyday rings or jewelry.

With the 24 karat gold pure, there is no other type of gold that is purer. For instance, the 18 K gold contains 75 percent pure gold, the 14 K contains 58.3 percent and the 10 K gold contains 41.7% pure gold. Because of these characteristics, the 14 K and 18K gold are great and valuable options to make jewelry, as they are alloy and contain other metals to make them stronger.

The 24 K gold has a bright, eye-catching orange-yellow appearance, unlike other types of golds that have varying colors, which largely depends on the other metals they contain. For instance, White gold is designed by mixing pure gold with some metals like silver, zinc, and palladium. Rose gold, however, is made by mixing pure gold with metals like silver and copper. These metals cannot be mixed with 24 K gold without reducing the purity of the gold, hence, you wouldn’t see a white or rose 24 k gold.

When to buy 24 Karat Gold

If you are particularly interested in investing in gold, or you want a typical 24 K jewelry for say an engagement or a wedding party as a gift, then you should consider the 24K gold. If you, however, want an engagement ring, wedding ring, earrings, wristwatches, and other jewelry for everyday use, you might have to look at other kinds of gold. While the 24 K gold very pure, it is way too soft and prone to scratch and makes it a bad choice for jewelry that you will be wearing every day.

You should consider the 18 Karat gold instead if you are looking for a kind of gold you can use for wedding rings or engagement rings, and other kinds of jewelry. The 18 K gold, for instance, offers a warm appearance as well, and is strong and not prone to bend or scratches. It is also more affordable and is durable. They also come in different colors, depending on the metal the alloy contains along with the gold. If you do not want to spend so much, you can as well settle for the 14 Karat gold. While this might not be as shinny as the 18 Karat gold, it offers almost similar arm appearance and is as durable.