Nigerian gold falls to N176K/g after US stock market bloodbath
- ✦The correction in spot gold (XAU/USD) was driven by the October NFP report, which showed the US economy created 165,000 jobs, compared with a forecast of only 65,000.
- Nigeria’s local gold market briefly fell at the last trading session of the week as 24-karat gold settled near N176, 000 per gram.
- Nigerian gold prices are now a mirror of the international spot gold market (XAU/USD).
- The correction in spot gold (XAU/USD) was driven by the October NFP report, which showed the US economy created 165,000 jobs, compared with a forecast of only 65,000.
Nigeria's local gold market briefly fell at the last trading session of the week as 24-karat gold settled near N176, 000 per gram. The sell-off was net
Frequently Asked Questions About This Story
What is the latest development regarding Guaranty Trust Bank?
Nigeria’s local gold market briefly fell at the last trading session of the week as 24-karat gold settled near N176, 000 per gram.
Who are the key organizations or public figures mentioned?
The primary parties identified in this coverage include Guaranty Trust Bank, Zenith Bank, MTN Nigeria.
What timeline or key figures were confirmed?
Best-performing Nigerian stocks for the week ended November 6Naira weakens 0.22% as FX turnover slows to $1.45 billion in November’s first weekNGX sheds another N540 billion as MTN Nigeria, Zenith Bank, GTCO, drag stocks lower Nigeria’s institutional investors and Nigeria’s affluent women often hedge with spot gold to protect themselves from systemic inflation and naira devaluation.
