The worth of Gold surged 42.8% between September 2024 and September 2025, breaking previous a file excessive of $3,650 per ounce and persevering with its rally into October, the place costs briefly exceeded $3,800.
The dramatic rise is pushed by a weaker U.S. greenback, persistent inflationary pressures, and escalating geopolitical dangers.
This implies Nigeria’s 687,402 troy ounces of gold (roughly 21.38 metric tonnes) held as of the top of 2024 is now value N3.7 trillion.
Central banks world wide are more and more turning to gold as a strategic reserve asset, additional fueling demand.
In accordance with the World Gold Council, seven central banks added not less than one tonne of gold to their reserves as of August 2025, whereas solely two reported reductions.
International central banks speed up gold shopping for
Among the many notable consumers of gold is Bank of Ghana, which added 2 tonnes in August, bringing its year-to-date complete to five tonnes and general reserves to 36 tonnes.
- Individuals’s Bank of China bought 2 tonnes, marking its tenth consecutive month of accumulation. China’s complete gold holdings now exceed 2,300 tonnes, although they nonetheless characterize simply 7% of its worldwide reserves.
- Nationwide Bank of Kazakhstan added 8 tonnes, its sixth straight month of shopping for, elevating its reserves to 316 tonnes—32 tonnes increased than on the finish of 2024.
In the meantime, Russia and Indonesia have been the one sellers, offloading 3 and a couple of tonnes respectively. Russia’s discount is believed to be linked to its coin-minting programme.
The U.S. Treasury’s gold holdings, already the most important on the planet, have now surpassed $1 trillion in worth, greater than 90 instances the quantity recorded on its official stability sheet.
Nigeria’s gold reserves achieve over N2.4 trillion in two years
The Central Bank of Nigeria (CBN) held 687,402 troy ounces of gold (roughly 21.38 metric tonnes) as of the top of 2024, unchanged from the earlier 12 months. Nonetheless, the worth of those reserves has soared according to international costs.
At present market charges, Nigeria’s gold holdings at the moment are value over N3.7 trillion, up from N2.77 trillion in 2024 and N1.28 trillion in 2023.
This N2.4 trillion achieve over two years underscores gold’s resilience and displays a broader worldwide development of central banks growing gold allocations amid financial uncertainty.
Gold as a strategic hedge
Monetary specialists have emphasised gold’s enduring position as a safe-haven asset. “Shopping for extra gold is all the time good. It stays one of many most secure and most dependable shops of worth,” mentioned Chief Economist on the Development Bank of Nigeria, Professor Joseph Nnanna, on the latest Comercio Companions H2 Financial Outlook Discussion board in Lagos.
Nnanna additionally highlighted gold’s potential to drive industrial progress: “When central banks supply gold domestically, it stimulates the complete mining worth chain, from uncooked extraction to refining and jewelry manufacturing. That catalyzes industrialisation,” he defined.
CEO of Graeme Blaque Advisory, Zeal Akaraiwe, linked the surge in gold shopping for to geopolitical tensions, significantly these stemming from U.S. coverage choices.
“Our skill to settle worldwide transactions is more and more influenced by political choices made in America. This vulnerability is pushing nations to hunt alternate options, with gold being a number one possibility,” Akaraiwe mentioned.
He famous that the rally displays a strategic shift away from greenback dominance, as central banks globally transfer to de-dollarise their reserves.
What’s Driving the Rally
Gold’s record-breaking efficiency this 12 months has been supported by:
- Investor flight to security amid commerce wars and geopolitical instability
- Issues over a possible U.S. authorities funding disaster
- Sturdy inflows into gold-backed exchange-traded funds (ETFs)
- Renewed rate of interest cuts by the U.S. Federal Reserve
The rally has already exceeded Citi’s Q3 2025 projection of $3,500 per ounce, which was revised upward from $3,300 in August.
What You Ought to Know
To encourage home funding in gold, the Nationwide Pension Fee (PenCom) has launched revised laws permitting pension funds to realize publicity to gold by way of tradable Gold Receipts listed on Securities and Change Fee (SEC)-recognised exchanges.
- This innovation allows pension fund directors (PFAs) to put money into gold with out the complexities of bodily storage, providing a safe and liquid different asset class.
- Gold Receipts are a part of a broader suite of devices underneath PenCom’s up to date funding pointers aimed toward enhancing diversification, boosting returns, and minimizing focus dangers.
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