South Africa · ZAR · October 2023
Gold Price in South Africa — October 2023
In October 2023, the gold price in South Africa closed at approximately R36,627 per troy ounce, equivalent to R13,735 per tola or R1,178 per gram. This represents a +4.21% change on the month (R35,148 open → R36,627 close).
Open
R35,148
per troy ounce
Close
R36,627
per troy ounce
High
R36,810
per troy ounce
Low
R33,363
per troy ounce
All unit prices at October 2023 close — South Africa
| Unit | Weight | Closing ZAR price |
|---|---|---|
| Troy ounce | 31.1035 g | R36,627 |
| Gram | 1.0000 g | R1,178 |
| 10 grams | 10 g | R11,776 |
| Kilogram | 1,000 g | R1,177,590 |
| Tola | 11.664 g | R13,735 |
Karat-purity breakdown at October 2023 close
| Karat | Per gram | Per tola |
|---|---|---|
| 24KSOUTH AFRICA STD | R1,176 | R13,722 |
| 22K | R1,079 | R12,582 |
| 21K | R1,030 | R12,018 |
| 18K | R883 | R10,302 |
| 14K | R689 | R8,035 |
| 10K | R491 | R5,728 |
Daily gold price in ZAR — October 2023
October 2023 gold market: Israel–Hamas war reignites safe-haven demand
BullishWar reignited safe-haven flows and reversed the autumn slide.
Gold rallied hard in October after the October 7 Hamas attack on Israel triggered war and fears of a wider Middle East conflict. The metal climbed from about $1,820 to near $2,000, erasing weeks of losses in a matter of days.
What drove gold in October 2023
- Israel–Hamas war (Oct 7)
- Middle East escalation fears
- safe-haven flows
- falling real yields late month
Key events in October 2023
- Oct 7Hamas attacks Israel; gold begins a sharp safe-haven rally
- Oct 27Gold approaches $2,000 as the conflict intensifies
What happened next
The rebound flowed into a strong year-end as Fed-cut bets revived.
For gold buyers in South Africa
October repeated a familiar pattern — geopolitical shock lifts gold fast, rewarding those already positioned before the headlines.
The 2023 gold market: Banking crisis and another record CB buy year
Silicon Valley Bank failed in March 2023, followed by Credit Suisse rescue. Gold rallied to $2,072 in May, then traded $1,820–$2,090 through year-end. Central banks bought another 1,037 tonnes — second-highest ever. Year close: $2,062.
Key drivers in 2023
Regional banking crisis, Credit Suisse failure, central-bank buying continues, persistent inflation
2023 XAU/USD high
$2,135 (Dec)
2023 XAU/USD low
$1,810 (Feb)
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 2023, South Africa
R35,148
$1,916.25/oz
R33,622
$1,833.05/oz
R33,427
$1,822.45/oz
R33,363
$1,818.95/oz
R33,372
$1,819.45/oz
R33,375
$1,819.60/oz
R34,181
$1,863.55/oz
R33,850
$1,845.50/oz
R34,061
$1,857.00/oz
R34,323
$1,871.25/oz
R34,373
$1,874.00/oz
R35,019
$1,909.20/oz
R35,443
$1,932.37/oz
R35,181
$1,918.05/oz
R35,367
$1,928.20/oz
R35,871
$1,955.70/oz
R35,832
$1,953.55/oz
R36,473
$1,988.50/oz
R36,370
$1,982.88/oz
R36,189
$1,973.00/oz
R36,017
$1,963.65/oz
R36,378
$1,983.30/oz
R36,225
$1,975.00/oz
R36,370
$1,982.90/oz
R36,810
$2,006.85/oz
R36,640
$1,997.60/oz
R36,627
$1,996.90/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 2023 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 2023 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 2023
What was the gold price in South Africa in October 2023?
In October 2023, gold in South Africa opened at R35,148/oz and closed at R36,627/oz — a move of +4.21% on the month. Per tola: ≈R13,735; per gram: ≈R1,178; per 10g: ≈R11,776.
What was the 24K gold rate per tola in South Africa in October 2023?
The 24K gold rate per tola in South Africa at the October 2023 close was approximately R13,735, derived from international XAU/USD spot of $1,996.90/oz times the 2023-end ZAR/USD exchange rate of 18.342. 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 2023?
South Africa's most-quoted retail standard is 24K per gram. At the October 2023 close, that worked out to approximately R1,176 (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 2023 (sourced from gold-api.com), multiplied by the 2023-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 2023-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 2023 archive or the USD-only October 2023 page with the country-by-country list at the bottom.
Other markets? Compare October 2023 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 2023-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.