Current Gold Prices Across African Countries | 2025 Top Guide
Gold Prices Across African Countries: Compare 24K gold rates per gram in South Africa, Ghana, Nigeria, Kenya, Tanzania & more. Live prices, trends, forecasts + where to buy cheap African gold.
Introduction:
Gold has long been a symbol of wealth, stability, and cultural significance across Africa. As the continent’s mining sector continues to thrive, understanding gold prices in Africa becomes essential for investors, jewelers, and everyday buyers.
In 2025, the African gold market is experiencing robust growth, with production projected to exceed 800 metric tons continent-wide, driven by high global demand and favorable economic policies in key nations.
This guide explores gold price trends in Africa, offering a country-by-country comparison, historical insights, and practical advice. Whether you’re searching for the gold price in Africa today or analyzing gold prices by country, this comprehensive 2025 overview will equip you with the knowledge to navigate the market confidently.
Africa’s gold prices are not uniform; they fluctuate based on local economic conditions, production levels, and international benchmarks.
The global spot price for gold, which hovered around $3,400 per troy ounce in mid-2025, serves as the foundation, but local variations arise from currency exchange rates, taxes, and supply chain dynamics.
For instance, while Uganda offers some of the most competitive rates at approximately $106 per gram for 24K gold, South Africa’s refined market commands a slight premium due to its established infrastructure. As we delve deeper, we’ll uncover why these differences matter and how they shape African gold market trends.
Why Gold Prices Vary Across African Countries
Gold prices in Africa are a complex interplay of global and local forces. At the heart is the international spot price, set by exchanges like the London Bullion Market Association (LBMA), which influences every transaction on the continent.
In 2025, this spot price has surged nearly 30% year-over-year, reaching peaks of $3,540 per ounce in September, fueled by geopolitical tensions, inflation hedging, and central bank purchases exceeding 900 tons annually.
Several key factors drive variations:
Mining Output and Supply Dynamics
Africa produces about 25% of the world’s gold, with output rising to over 690 metric tons in 2024 and projected to hit 750 tons in 2025. Countries with high production, like Ghana (150 tons forecasted for 2025), enjoy stable or lower prices due to abundant supply.
Conversely, nations like Nigeria, where mining is underdeveloped, see higher premiums due to import reliance and limited local sourcing. Artisanal mining, which accounts for 30-40% of Africa’s gold, adds volatility—illegal operations in the DRC can flood markets with unrefined gold, temporarily depressing prices.
Currency Fluctuations
Most African currencies have weakened against the USD in 2025, amplifying gold’s appeal as a hedge. The South African Rand (ZAR) depreciated 5% year-to-date, pushing local prices up to 2,270 ZAR per gram despite stable global rates.
In Ghana, the Cedi’s 15% slide against the USD has made gold exports more lucrative, with prices averaging GH₵ 1,506 per gram in April 2025. This currency effect means a buyer in Nigeria pays ₦189,581 per gram, equivalent to about $105 USD, but local inflation erodes purchasing power.
Local Taxes and Regulations
Import duties, export royalties (3-6% in most countries), and value-added taxes (VAT) add layers to pricing. Ghana’s new GoldBod policy, centralizing artisanal gold sales, has introduced a 3% royalty but stabilized prices by curbing smuggling.
In Tanzania, a 1% clearing fee on exports nudges prices higher, while Kenya’s formalization of artisanal mining has lowered premiums for certified gold.
Global Spot Price Influence
The LBMA spot price dictates 80% of African gold valuations. In 2025, factors like U.S. Federal Reserve rate cuts and BRICS nations’ de-dollarization efforts have propelled prices upward.
When the spot hits $3,700 by year-end (as forecasted by Goldman Sachs), African prices could rise 5-10% across the board.
These elements create a vibrant, sometimes unpredictable market. For buyers, timing purchases during global dips—such as the June 2025 correction to $3,300—can yield savings of 5-7%. Now, let’s examine prices in key countries.
Gold Price in South Africa
South Africa, once the world’s top gold producer, remains a powerhouse with 110 tons output in 2025, though aging mines like those in the Witwatersrand Basin have tempered growth. The Rand Refinery, one of Africa’s largest, ensures high-purity exports, influencing local prices.
Current Gold Price: As of November 26, 2025, 24K gold stands at 2,270.83 ZAR per gram (approximately $107.50 USD), up 2.19% weekly. Per ounce: 71,387.97 ZAR ($3,380 USD). For bulk buyers, 1kg fetches around $107,500 USD, including a 2-3% premium for LBMA certification.
Price Compared to Previous Months/Years: In 2024, prices averaged 1,950 ZAR per gram, a 16% rise from 2023’s 1,680 ZAR, driven by a weaker Rand and global rally. From January to November 2025, prices climbed 22%, peaking at 2,350 ZAR in October amid U.S. election uncertainties. Compared to 2021’s low of 1,200 ZAR, 2025 marks a 89% increase, reflecting long-term inflation hedging.
Market Drivers Specific to the Country: Electricity shortages from Eskom have disrupted operations, but 100 load-shedding-free days in mid-2025 boosted output by 5.9% year-over-year. Krugerrand coins, a South African staple, trade at a 1% premium, popular for their 1oz size.
Currency Conversion Notes: 1 USD ≈ 21.12 ZAR (November 2025). Buyers converting from USD pay slightly more due to bank fees (0.5-1%). For ZAR holders, gold offers protection against the Rand’s 15% annual depreciation.
South Africa’s market is mature, ideal for investors seeking refined bullion. Local exchanges like the Johannesburg Stock Exchange provide real-time quotes, ensuring transparency.
Gold Price in Ghana
Ghana leads Africa with 150 tons projected for 2025, up 6.25% from 2024’s 4.8 million ounces, thanks to expansions at Ahafo and Obuasi mines. GoldBod’s reforms have tripled artisanal revenues to $8 billion by October 2025.
Current Gold Price: 24K gold is GH₵ 1,506.82 per gram ($108.11 USD) as of April 2025 data, with November estimates at GH₵ 1,550 ($108.50 USD). Per ounce: GH₵ 46,867 ($3,280 USD); 1kg: $108,000 USD.
Price Compared to Previous Months/Years: 2025 averages GH₵ 42,267 per ounce, peaking at GH₵ 53,071 in April (up 24% from January) but dipping to GH₵ 33,779 in June amid global corrections. From 2024’s GH₵ 34,864 average, that’s a 21% rise; versus 2021’s GH₵ 10,661, a whopping 296% surge, underscoring gold’s role in economic recovery.
Market Drivers Specific to the Country: The Cedi’s volatility (15% drop vs. USD) and 3% export royalties stabilize supply, while Newmont’s investments add 350,000 ounces annually. Artisanal “galamsey” mining, though regulated, provides affordable raw gold.
Currency Conversion Notes: 1 USD ≈ 14.30 GH₵. Ghana’s stable CFA-linked ties with West Africa ease conversions, but buyers should factor 2% VAT on imports.
Ghana’s market thrives on exports (57% of earnings), making it a hotspot for bulk deals.
Gold Price in Nigeria
Nigeria’s gold sector is nascent, with production under 1 ton annually, relying on imports and small-scale mining in Osun and Zamfara. Efforts to formalize mining aim for 10 tons by 2026.
Current Gold Price: ₦189,581.35 per gram ($105.50 USD), up 0.4% weekly. Per ounce: ₦5,900,000 ($3,280 USD); 1kg: $107,800 USD.
Price Compared to Previous Months/Years: 2025 prices rose 18% from 2024’s ₦160,000 average, with a high of ₦195,000 in July. Historically, from 2023’s ₦120,000, it’s a 58% increase, tied to Naira devaluation (40% vs. USD).
Market Drivers Specific to the Country: Oil dependency overshadows gold, but inflation at 16% in October 2025 boosts demand as a hedge. Regulatory hurdles like export bans inflate local premiums by 4%.
Currency Conversion Notes: 1 USD ≈ 1,797 NGN. Parallel market rates add 5% variance; Western Union transfers are recommended for accuracy.
Nigeria suits speculative buyers eyeing growth potential.
Gold Price in Kenya
Kenya’s output hit 10 tons in 2025, driven by artisanal booms in Kakamega. The Nairobi Gold Exchange formalizes trade.
Current Gold Price: KES 14,500 per gram ($107 USD), stable with 1% monthly gain. Per ounce: KES 451,000 ($3,340 USD); 1kg: $107,000 USD.
Price Compared to Previous Months/Years: Up 15% from 2024’s KES 12,600 average; peaked at KES 15,000 in May 2025. Versus 2023, a 35% rise amid Shilling weakness.
Market Drivers Specific to the Country: Post-election stability and Chinese investments in refining lower costs. Gold reserves rose 20% for central bank hedging.
Currency Conversion Notes: 1 USD ≈ 135.50 KES. EcoBank offers low-fee conversions.
Kenya’s gateway role in East Africa makes it logistics-friendly.
Gold Price in Tanzania
Tanzania produced 50 tons in 2025, with Geita and Bulyanhulu mines leading. Government pushes local beneficiation.
Current Gold Price: TSH 285,000 per gram ($106.50 USD). Per ounce: TSH 8,860,000 ($3,320 USD); 1kg: $107,200 USD.
Price Compared to Previous Months/Years: 2025 average TSH 260,000, up 12% from 2024; historical 45% growth since 2023.
Market Drivers Specific to the Country: 6% royalties and 1% fees, but Barrick’s expansions add supply. Inflation at 12.5% in October drives demand.
Currency Conversion Notes: 1 USD ≈ 2,677 TSH. CRDB Bank facilitates seamless USD-TSH swaps.
Tanzania offers value for East African exports.
Charts, Tables & Visual Comparisons
To aid comparisons, here’s a structured table of 24K gold prices as of November 2025 (USD equivalents). Prices include typical 1-3% dealer premiums.
|
Country |
Price per Gram (USD) |
Price per Ounce (USD) |
1kg Price (USD) |
YoY Change (%) |
|
South Africa |
107.50 |
3,380 |
107,500 |
+22 |
|
Ghana |
108.50 |
3,280 |
108,000 |
+21 |
|
Nigeria |
105.50 |
3,280 |
107,800 |
+18 |
|
Kenya |
107.00 |
3,340 |
107,000 |
+15 |
|
Tanzania |
106.50 |
3,320 |
107,200 |
+12 |
This table highlights Uganda’s edge at $106/gram, though not detailed here. For trends, consider historical data: Africa’s average price rose from $80/gram in 2023 to $107 in 2025, a 34% jump.
Currency conversion table (November 2025 rates):
|
Currency |
1 Gram Gold (Local) |
USD Equivalent |
|
ZAR |
2,270 |
107.50 |
|
GH₵ |
1,550 |
108.50 |
|
₦ |
189,581 |
105.50 |
|
KES |
14,500 |
107.00 |
|
TSH |
285,000 |
106.50 |
Factors Affecting Gold Prices in Africa
Beyond basics, deeper economic and geopolitical elements shape the African gold landscape.
Global Gold Spot Price: Priced in USD, the spot influences 80% of variations. 2025’s rally to $3,700/oz forecast stems from U.S. debt concerns and BRICS gold-backed currency talks. Africa benefits as a supplier, with exports topping $45 billion.
Exchange Rates: A 10% USD strengthening could shave 5-8% off local prices in ZAR or GH₵ terms. In 2025, Rand and Cedi weakness added $5-10/gram premiums.
Mining Production Levels: Ghana’s 150-ton output stabilizes prices; disruptions in Mali (65 tons) from instability spike them 3-5%. ESG regulations, like Tanzania’s beneficiation laws, raise costs by 2%.
Import/Export Regulations: Ghana’s GoldBod mandates assays, adding 1% but reducing smuggling. Export royalties (3-6%) vary: low in Uganda, higher in South Africa.
Inflation and Local Demand: Africa’s average inflation (15%) drives jewelry demand in Nigeria and Kenya, lifting prices 4% seasonally. Central banks, like Ghana’s quadrupled reserves, absorb supply.
These factors predict 5-10% price growth by 2026, per J.P. Morgan.
FAQ – Gold Prices Across African Countries
Why Do Gold Prices Vary Between African Countries?
Variations stem from currency strength, taxes, and production. Uganda’s low premiums contrast South Africa’s refining costs.
Is Gold Cheaper in Africa?
Yes, 1-3% below global averages due to proximity to mines, but logistics add costs for non-locals.
Which African Country Has the Highest Gold Production?
Ghana, at 150 tons in 2025.
How Often Do Gold Prices Change?
Daily, with spot updates every 10 seconds; local prices shift weekly on exchange rates.
Conclusion + Investment Disclaimer
In 2025, Africa’s gold market shines brighter than ever, with prices trending upward amid global uncertainties and robust production.
From South Africa’s refined stability to Ghana’s supply abundance, opportunities abound for savvy investors. Forecasts point to $3,700/oz by year-end, promising 10-15% returns.
Yet, gold’s allure extends beyond numbers—it’s a hedge against inflation, a cultural treasure, and a gateway to Africa’s economic renaissance.
This guide provides informational insights based on public data as of November 2025. Gold investments carry risks, including price volatility and regulatory changes.
Consult a financial advisor before investing; past trends do not guarantee future results. We are not liable for trading losses.
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