Gold prices in Nigeria have dipped to approximately N180,000 per gram, driven by the strengthening naira and a hawkish stance from the US Federal Reserve. Local gold prices, which typically include a 5% to 10% premium over spot rates, are heavily influenced by the USD/NGN exchange rate. While global gold prices remain pressured by a stronger US dollar and rising bond yields—compounded by geopolitical tensions in the Middle East—the domestic price remains a key hedge for Nigerian investors protecting against currency volatility. Traders are now awaiting FOMC meeting minutes for further guidance on US interest rate policy.