South Africa · ZAR · October 2020
Gold Price in South Africa — October 2020
In October 2020, the gold price in South Africa closed at approximately R27,588 per troy ounce, equivalent to R10,346 per tola or R887 per gram. This represents a -1.06% change on the month (R27,882 open → R27,588 close).
Open
R27,882
per troy ounce
Close
R27,588
per troy ounce
High
R28,341
per troy ounce
Low
R27,413
per troy ounce
All unit prices at October 2020 close — South Africa
| Unit | Weight | Closing ZAR price |
|---|---|---|
| Troy ounce | 31.1035 g | R27,588 |
| Gram | 1.0000 g | R887 |
| 10 grams | 10 g | R8,870 |
| Kilogram | 1,000 g | R886,965 |
| Tola | 11.664 g | R10,346 |
Karat-purity breakdown at October 2020 close
| Karat | Per gram | Per tola |
|---|---|---|
| 24KSOUTH AFRICA STD | R886 | R10,335 |
| 22K | R812 | R9,477 |
| 21K | R776 | R9,052 |
| 18K | R665 | R7,759 |
| 14K | R519 | R6,052 |
| 10K | R370 | R4,314 |
Daily gold price in ZAR — October 2020
October 2020 gold market: Range-bound into the US election
Range-boundA low-volatility holding pattern before the election.
Gold chopped sideways around $1,900 through October as investors awaited the US presidential election and another round of stimulus that never quite arrived. Low volatility masked an underlying tension between debasement bulls and a recovering dollar.
What drove gold in October 2020
- US election uncertainty
- stalled stimulus talks
- range-bound dollar
- subdued volatility
Key events in October 2020
- Oct 30Gold ends October near $1,880 ahead of the election
What happened next
The quiet broke violently in November when vaccine breakthroughs rotated investors out of safe havens.
For gold buyers in South Africa
October rewarded patience over conviction; with catalysts pending, neither bulls nor bears could force a breakout.
The 2020 gold market: COVID crash, recovery, and the all-time high above $2,000
March 2020 saw a brief gold sell-off during COVID liquidity panic (-12% in 2 weeks) before the metal rocketed to an all-time high of $2,075 in August. Year close: $1,898 — gold's best year since 2010.
Key drivers in 2020
COVID pandemic, unlimited Fed QE, fiscal stimulus, negative real rates, USD weakness
2020 XAU/USD high
$2,075 (Aug)
2020 XAU/USD low
$1,452 (Mar)
Era context — The modern bull market (2019 to today)
Gold's second major bull market of the 21st century. Driven by COVID stimulus, Russia sanctions, central-bank accumulation at record levels, and the structural shift toward a multi-polar reserve system. New all-time highs reached repeatedly since 2020.
The South Africa gold market
South Africa retail gold prices are quoted in the local currency per gram for 24K and 22K purities, and per troy ounce for investment-grade bullion. Local rates usually sit above the international XAU/USD spot price after import duties, sales taxes, and jewellery making charges are applied. Use this archive as the international reference price; final retail rates depend on your dealer and the date's exchange rate.
Standard quote unit
gram
Common purity
24K
Currency
ZAR (R)
Daily gold price — October 2020, South Africa
R27,882
$1,902.00/oz
R27,898
$1,903.10/oz
R28,127
$1,918.69/oz
R27,994
$1,909.60/oz
R28,049
$1,913.40/oz
R27,626
$1,884.50/oz
R27,670
$1,887.50/oz
R28,195
$1,923.30/oz
R28,341
$1,933.29/oz
R28,227
$1,925.50/oz
R27,726
$1,891.30/oz
R28,001
$1,910.10/oz
R27,734
$1,891.90/oz
R27,928
$1,905.10/oz
R28,125
$1,918.54/oz
R27,935
$1,905.60/oz
R27,830
$1,898.40/oz
R28,208
$1,924.20/oz
R27,868
$1,901.00/oz
R27,907
$1,903.70/oz
R27,979
$1,908.59/oz
R27,831
$1,898.50/oz
R27,937
$1,905.70/oz
R27,413
$1,870.00/oz
R27,418
$1,870.30/oz
R27,588
$1,881.90/oz
How South Africa gold prices are calculated on this page
Source. The international XAU/USD spot price comes from gold-api.com's historical archive (London PM-fix benchmark). The ZAR/USD exchange rate comes from exchangerate-api.com's 2020 year-end snapshot.
Conversion. Every ZAR figure on this page is computed as XAU/USD price × ZAR/USD rate. We use the year-end exchange rate consistently across all October 2020 prices on this page.
Per-unit math. Per-gram = per-ounce ÷ 31.1035. Per-tola = per-gram × 11.664. Per-10g = per-gram × 10. Per-kilo = per-gram × 1000. Karat values multiply per-gram by the purity ratio (24K = 0.999, 22K = 0.916, 21K = 0.875, 18K = 0.750, 14K = 0.585, 10K = 0.417).
What this page does NOT include. Local sales tax / VAT, customs duty on imports, dealer making charges, jewellery design premiums, or coin numismatic premiums. To go from this pure-metal value to a final retail rate in South Africa, add the country-specific levies described in the “South Africagold market” section above.
FAQ — South Africa gold price in October 2020
What was the gold price in South Africa in October 2020?
In October 2020, gold in South Africa opened at R27,882/oz and closed at R27,588/oz — a move of -1.06% on the month. Per tola: ≈R10,346; per gram: ≈R887; per 10g: ≈R8,870.
What was the 24K gold rate per tola in South Africa in October 2020?
The 24K gold rate per tola in South Africa at the October 2020 close was approximately R10,346, derived from international XAU/USD spot of $1,881.90/oz times the 2020-end ZAR/USD exchange rate of 14.6595. This is pure metal value; final retail rates include local taxes and dealer making charges.
What was the 24K gold rate per gram in South Africa in October 2020?
South Africa's most-quoted retail standard is 24K per gram. At the October 2020 close, that worked out to approximately R886 (24K pure-metal value). Add local taxes and making charges for the final retail rate.
How was the local currency price calculated?
ZAR prices on this page are computed from the verified international XAU/USD spot price for October 2020 (sourced from gold-api.com), multiplied by the 2020-end ZAR/USD exchange rate from exchangerate-api.com. We use year-end rates as a single reference point for the entire month — for most stable currencies the within-year FX drift is small, but during currency crises (PKR 2022–23, TRY 2022, ARS 2024 etc.) the actual mid-month rate may differ.
Why does the retail price in shops differ from this number?
The R figures here represent the international gold spot price converted to ZAR at the 2020-end exchange rate. South Africa's retail jewellers add (1) import duties and sales tax (varies by SKU and karat), (2) dealer making charges (typically 3–12% of metal value), and (3) a small premium for purity certification on bars. Always verify the exact day's retail rate with a reputable local dealer before transacting.
Want today's rate in South Africa? See live gold prices in South Africa with minute-by-minute updates and per-karat breakdowns.
Different month or year? Use the prev / next buttons above, or jump to the full 2020 archive or the USD-only October 2020 page with the country-by-country list at the bottom.
Other markets? Compare October 2020 prices across other major gold-trading countries: Nigeria, Kenya, Tanzania, Zambia, Botswana, Namibia.
Disclaimer: Historical gold prices on this page reflect the international XAU/USD spot price for the requested period, converted to ZAR at the 2020-end exchange rate. They are intended for informational and educational use only and do not constitute investment advice or a price quote for buying or selling physical gold today. Always verify current local rates with a reputable bullion dealer in South Africa before transacting.