Nigeria · NGN · August 2021
Gold Price in Nigeria — August 2021
In August 2021, the gold price in Nigeria closed at approximately ₦746,003 per troy ounce, equivalent to ₦279,756 per tola or ₦23,985 per gram. This represents a +1.66% change on the month (₦733,828 open → ₦746,003 close).
Open
₦733,828
per troy ounce
Close
₦746,003
per troy ounce
High
₦751,840
per troy ounce
Low
₦708,392
per troy ounce
All unit prices at August 2021 close — Nigeria
| Unit | Weight | Closing NGN price |
|---|---|---|
| Troy ounce | 31.1035 g | ₦746,003 |
| Gram | 1.0000 g | ₦23,985 |
| 10 grams | 10 g | ₦239,845 |
| Kilogram | 1,000 g | ₦23,984,531 |
| Tola | 11.664 g | ₦279,756 |
Karat-purity breakdown at August 2021 close
| Karat | Per gram | Per tola |
|---|---|---|
| 24KNIGERIA STD | ₦23,961 | ₦279,476 |
| 22K | ₦21,970 | ₦256,256 |
| 21K | ₦20,986 | ₦244,786 |
| 18K | ₦17,988 | ₦209,817 |
| 14K | ₦14,031 | ₦163,657 |
| 10K | ₦10,002 | ₦116,658 |
Daily gold price in NGN — August 2021
August 2021 gold market: A violent 'flash crash' low
VolatileA thin-liquidity air-pocket spike low that quickly reversed.
Gold suffered a sudden flash crash in early August, briefly plunging toward $1,680 in thin, illiquid Asian trading before snapping back. The spike low marked the year's bottom and washed out weak hands before a steadier autumn.
What drove gold in August 2021
- thin-liquidity flash crash (Aug 9)
- strong US jobs data lifting yields
- stop-loss cascade
- rapid recovery
Key events in August 2021
- Aug 9Gold flash-crashes toward $1,680, then rebounds
What happened next
Gold recovered to ~$1,810 and traded heavily as taper talk intensified.
For gold buyers in Nigeria
The August flash crash was a classic liquidity air-pocket — those who bought the spike low near $1,680 caught 2021's bottom.
The 2021 gold market: Consolidation below 2020 highs
Gold traded mostly sideways in 2021 between $1,680 and $1,950 as the Fed signaled coming tightening. Cryptocurrency mania peaked in November. Inflation began running above target. Year close: $1,829.
Key drivers in 2021
Crypto-boom drawing capital, Fed taper announcement, inflation rising, equity rally
2021 XAU/USD high
$1,945 (Jun)
2021 XAU/USD low
$1,676 (Mar)
Era context — The modern bull market (2019 to today)
Gold's second major bull market of the 21st century. Driven by COVID stimulus, Russia sanctions, central-bank accumulation at record levels, and the structural shift toward a multi-polar reserve system. New all-time highs reached repeatedly since 2020.
The Nigeria gold market
Nigeria retail gold prices are quoted in the local currency per gram for 24K and 22K purities, and per troy ounce for investment-grade bullion. Local rates usually sit above the international XAU/USD spot price after import duties, sales taxes, and jewellery making charges are applied. Use this archive as the international reference price; final retail rates depend on your dealer and the date's exchange rate.
Standard quote unit
gram
Common purity
24K
Currency
NGN (₦)
Daily gold price — August 2021, Nigeria
₦733,828
$1,785.28/oz
₦744,605
$1,811.50/oz
₦745,099
$1,812.70/oz
₦751,840
$1,829.10/oz
₦740,207
$1,800.80/oz
₦724,629
$1,762.90/oz
₦725,358
$1,764.68/oz
₦714,764
$1,738.90/oz
₦708,392
$1,723.40/oz
₦716,695
$1,743.60/oz
₦718,257
$1,747.40/oz
₦729,150
$1,773.90/oz
₦735,480
$1,789.30/oz
₦734,288
$1,786.40/oz
₦735,562
$1,789.50/oz
₦733,096
$1,783.50/oz
₦732,521
$1,782.10/oz
₦731,287
$1,779.10/oz
₦742,527
$1,806.45/oz
₦740,700
$1,802.00/oz
₦743,372
$1,808.50/oz
₦735,234
$1,788.70/oz
₦734,370
$1,786.60/oz
₦739,262
$1,798.50/oz
₦749,445
$1,823.28/oz
₦739,262
$1,798.50/oz
₦746,003
$1,814.90/oz
How Nigeria gold prices are calculated on this page
Source. The international XAU/USD spot price comes from gold-api.com's historical archive (London PM-fix benchmark). The NGN/USD exchange rate comes from exchangerate-api.com's 2021 year-end snapshot.
Conversion. Every NGN figure on this page is computed as XAU/USD price × NGN/USD rate. We use the year-end exchange rate consistently across all August 2021 prices on this page.
Per-unit math. Per-gram = per-ounce ÷ 31.1035. Per-tola = per-gram × 11.664. Per-10g = per-gram × 10. Per-kilo = per-gram × 1000. Karat values multiply per-gram by the purity ratio (24K = 0.999, 22K = 0.916, 21K = 0.875, 18K = 0.750, 14K = 0.585, 10K = 0.417).
What this page does NOT include. Local sales tax / VAT, customs duty on imports, dealer making charges, jewellery design premiums, or coin numismatic premiums. To go from this pure-metal value to a final retail rate in Nigeria, add the country-specific levies described in the “Nigeriagold market” section above.
FAQ — Nigeria gold price in August 2021
What was the gold price in Nigeria in August 2021?
In August 2021, gold in Nigeria opened at ₦733,828/oz and closed at ₦746,003/oz — a move of +1.66% on the month. Per tola: ≈₦279,756; per gram: ≈₦23,985; per 10g: ≈₦239,845.
What was the 24K gold rate per tola in Nigeria in August 2021?
The 24K gold rate per tola in Nigeria at the August 2021 close was approximately ₦279,756, derived from international XAU/USD spot of $1,814.90/oz times the 2021-end NGN/USD exchange rate of 411.0435. This is pure metal value; final retail rates include local taxes and dealer making charges.
What was the 24K gold rate per gram in Nigeria in August 2021?
Nigeria's most-quoted retail standard is 24K per gram. At the August 2021 close, that worked out to approximately ₦23,961 (24K pure-metal value). Add local taxes and making charges for the final retail rate.
How was the local currency price calculated?
NGN prices on this page are computed from the verified international XAU/USD spot price for August 2021 (sourced from gold-api.com), multiplied by the 2021-end NGN/USD exchange rate from exchangerate-api.com. We use year-end rates as a single reference point for the entire month — for most stable currencies the within-year FX drift is small, but during currency crises (PKR 2022–23, TRY 2022, ARS 2024 etc.) the actual mid-month rate may differ.
Why does the retail price in shops differ from this number?
The ₦ figures here represent the international gold spot price converted to NGN at the 2021-end exchange rate. Nigeria's retail jewellers add (1) import duties and sales tax (varies by SKU and karat), (2) dealer making charges (typically 3–12% of metal value), and (3) a small premium for purity certification on bars. Always verify the exact day's retail rate with a reputable local dealer before transacting.
Want today's rate in Nigeria? See live gold prices in Nigeria with minute-by-minute updates and per-karat breakdowns.
Different month or year? Use the prev / next buttons above, or jump to the full 2021 archive or the USD-only August 2021 page with the country-by-country list at the bottom.
Other markets? Compare August 2021 prices across other major gold-trading countries: Ghana, Kenya, South Africa, Tanzania, Egypt, Zambia.
Disclaimer: Historical gold prices on this page reflect the international XAU/USD spot price for the requested period, converted to NGN at the 2021-end exchange rate. They are intended for informational and educational use only and do not constitute investment advice or a price quote for buying or selling physical gold today. Always verify current local rates with a reputable bullion dealer in Nigeria before transacting.