The price of Gold surged 42.8% between September 2024 and September 2025, breaking past a record high of $3,650 per ounce and continuing its rally into October, where prices briefly exceeded $3,800.
The dramatic rise is driven by a weaker U.S. dollar, persistent inflationary pressures, and escalating geopolitical risks.
This means Nigeria’s 687,402 troy ounces of gold (approximately 21.38 metric tonnes) held as of the end of 2024 is now worth N3.7 trillion.