The Impact of Rising Gold Prices on ENIG PCB Costs

ENIG PCB (Electroless Nickel Immersion Gold PCB) is one of the most widely used finishes. The ENIG process deposits a thin layer of nickel on the copper surface, followed by a very thin layer of gold. This protects the copper from oxidation, enhances solderability, and extends the PCB’s lifespan.

SQPCB is a professional ENIG PCB manufacturer, serving global customers with high-quality ENIG boards. Our factory is equipped with LDI direct imaging exposure lines for circuit and solder mask layers, and fully automated legend inkjet printing systems. While these machines required heavy investment, they significantly improve yields by eliminating issues caused by traditional film exposure, such as expansion/shrinkage, misalignment, operator errors, scratches, debris, and rework. In addition, SQPCB operates in-house lamination, HASL, and ENIG plating lines, ensuring both quality and delivery times are fully under control.

However, with global gold prices rising in recent years, the production cost of ENIG PCBs has been directly affected. Below, we analyze the cost impact and strategies manufacturers like SQPCB adopt to help customers manage this challenge.

ENIG PCB Costs

The Role of the Gold Layer in ENIG

Although the gold layer in ENIG is extremely thin, it plays a critical role:

Oxidation resistance: Prevents nickel and copper from oxidation.

Improved solderability: Ensures reliable component assembly.

Stable electrical contact: Provides consistent performance in high-frequency and high-reliability applications.

The typical ENIG thickness is 1–3 μin. This article uses 2 μin as the standard assumption.

Direct Cost Impact of Rising Gold Prices

Gold is a precious metal whose price fluctuates with international economic and political conditions. Since ENIG requires a real gold layer, price increases directly raise PCB manufacturing costs.

Table 1: Impact of Gold Price Increases on ENIG PCB Costs (2 μin thickness)

As shown above, every $400–500/oz increase in gold price raises ENIG costs by ~20–25%. For large-volume production, this effect is even more pronounced.

Layer Count and Gold Price Sensitivity

The ENIG process only applies to outer layers, not inner layers. This means:

Fewer-layer PCBs (1–2 layers) allocate a larger share of cost to ENIG → more sensitive to gold price changes.

Higher-layer PCBs (4–6 layers) have larger overall cost bases, so the ENIG portion is relatively smaller → less sensitive to gold price fluctuations.

Table 2: PCB Layer Count vs. Cost Sensitivity to Gold Price (2 μin thickness, per m², baseline at $1800/oz)

Interpretation:

Single/double-sided PCBs: Most sensitive since ENIG accounts for a higher share of total cost.

Multilayer PCBs: Overall cost base is larger, so gold price hikes affect them proportionally less.

High-layer PCBs: Manufacturing complexity and other material costs dominate; gold impact is relatively minimal.

SQPCB’s Cost-Control Strategies

To help customers mitigate the rising cost of ENIG PCBs, SQPCB implements several measures:

Precise Process Control – Advanced LDI exposure and inkjet printing optimize accuracy, reducing excess gold plating.

Design Optimization – We assist clients in minimizing unnecessary ENIG areas without compromising quality.

In-House Manufacturing – Our own lamination, HASL, and ENIG lines reduce outsourcing costs and ensure stable delivery.

Partnership Approach – By sharing gold price forecasts, we help clients plan orders strategically and reduce risks.

Conclusion

As gold prices continue to climb, the cost of ENIG PCBs is inevitably affected, especially for single- and double-layer boards. However, with advanced process controls, optimized ENIG usage, and efficient in-house production, manufacturers can help customers manage these challenges.

As a trusted ENIG PCB manufacturer, SQPCB combines world-class LDI exposure technology and fully in-house ENIG plating lines, ensuring consistent quality, reliable delivery, and controlled costs for global customers.

FAQ

Q1: Why is ENIG PCB more expensive than HASL or OSP?
A1: Because ENIG involves nickel and gold deposition, which are costlier materials and require more complex processing.

Q2: Do small production runs suffer more from gold price increases?
A2: Yes, small runs cannot spread the increased cost across many boards, so the impact is more noticeable.

Q3: Can reducing gold thickness lower costs?
A3: Yes, but only within IPC standards and reliability requirements. Too thin a layer may compromise solderability.

Q4: Are multilayer PCBs less affected by gold price increases?
A4: Correct. Since ENIG applies only to outer layers, multilayer boards absorb the impact more easily.

Q5: What advantages does SQPCB offer in controlling ENIG PCB costs?
A5: SQPCB’s advanced LDI exposure systems and in-house ENIG lines allow precise gold usage and reliable cost control even during price spikes.