Uganda · UGX · November 2023
Gold Price in Uganda — November 2023
In November 2023, the gold price in Uganda closed at approximately USh7,672,937 per troy ounce, equivalent to USh2,877,398 per tola or USh246,690 per gram. This represents a +2.47% change on the month (USh7,487,847 open → USh7,672,937 close).
Open
USh7,487,847
per troy ounce
Close
USh7,672,937
per troy ounce
High
USh7,716,288
per troy ounce
Low
USh7,279,762
per troy ounce
All unit prices at November 2023 close — Uganda
| Unit | Weight | Closing UGX price |
|---|---|---|
| Troy ounce | 31.1035 g | USh7,672,937 |
| Gram | 1.0000 g | USh246,690 |
| 10 grams | 10 g | USh2,466,905 |
| Kilogram | 1,000 g | USh246,690,461 |
| Tola | 11.664 g | USh2,877,398 |
Karat-purity breakdown at November 2023 close
| Karat | Per gram | Per tola |
|---|---|---|
| 24KUGANDA STD | USh246,444 | USh2,874,520 |
| 22K | USh225,968 | USh2,635,696 |
| 21K | USh215,854 | USh2,517,723 |
| 18K | USh185,018 | USh2,158,048 |
| 14K | USh144,314 | USh1,683,278 |
| 10K | USh102,870 | USh1,199,875 |
Daily gold price in UGX — November 2023
November 2023 gold market: Rate-cut hopes power a year-end run
BullishFalling yields and 2024 rate-cut bets fuelled a strong run.
Gold held firm near $2,000 in November and pushed higher as falling Treasury yields, a softer dollar, and growing conviction that the Fed was done hiking revived rate-cut expectations for 2024. Cooling inflation data sealed the dovish shift.
What drove gold in November 2023
- falling Treasury yields
- softer US dollar
- cooling inflation data
- building 2024 rate-cut expectations
Key events in November 2023
- Nov 14Cooler US CPI cements peak-Fed bets; gold strengthens
What happened next
Momentum carried gold to a record intraday high in early December.
For gold buyers in Uganda
November confirmed the trend turn — with the Fed seen as done, gold's path of least resistance was higher.
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 Uganda gold market
Uganda 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
UGX (USh)
Daily gold price — November 2023, Uganda
USh7,487,847
$1,986.35/oz
USh7,477,480
$1,983.60/oz
USh7,518,381
$1,994.45/oz
USh7,513,462
$1,993.15/oz
USh7,481,250
$1,984.60/oz
USh7,391,155
$1,960.70/oz
USh7,386,066
$1,959.35/oz
USh7,378,904
$1,957.45/oz
USh7,319,343
$1,941.65/oz
USh7,347,842
$1,949.21/oz
USh7,279,762
$1,931.15/oz
USh7,422,632
$1,969.05/oz
USh7,381,731
$1,958.20/oz
USh7,464,287
$1,980.10/oz
USh7,467,868
$1,981.05/oz
USh7,483,700
$1,985.25/oz
USh7,421,313
$1,968.70/oz
USh7,564,182
$2,006.60/oz
USh7,530,067
$1,997.55/oz
USh7,512,350
$1,992.85/oz
USh7,542,507
$2,000.85/oz
USh7,608,381
$2,018.33/oz
USh7,590,947
$2,013.70/oz
USh7,635,994
$2,025.65/oz
USh7,716,288
$2,046.95/oz
USh7,672,937
$2,035.45/oz
How Uganda 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 UGX/USD exchange rate comes from exchangerate-api.com's 2023 year-end snapshot.
Conversion. Every UGX figure on this page is computed as XAU/USD price × UGX/USD rate. We use the year-end exchange rate consistently across all November 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 Uganda, add the country-specific levies described in the “Ugandagold market” section above.
FAQ — Uganda gold price in November 2023
What was the gold price in Uganda in November 2023?
In November 2023, gold in Uganda opened at USh7,487,847/oz and closed at USh7,672,937/oz — a move of +2.47% on the month. Per tola: ≈USh2,877,398; per gram: ≈USh246,690; per 10g: ≈USh2,466,905.
What was the 24K gold rate per tola in Uganda in November 2023?
The 24K gold rate per tola in Uganda at the November 2023 close was approximately USh2,877,398, derived from international XAU/USD spot of $2,035.45/oz times the 2023-end UGX/USD exchange rate of 3,769.6513. This is pure metal value; final retail rates include local taxes and dealer making charges.
What was the 24K gold rate per gram in Uganda in November 2023?
Uganda's most-quoted retail standard is 24K per gram. At the November 2023 close, that worked out to approximately USh246,444 (24K pure-metal value). Add local taxes and making charges for the final retail rate.
How was the local currency price calculated?
UGX prices on this page are computed from the verified international XAU/USD spot price for November 2023 (sourced from gold-api.com), multiplied by the 2023-end UGX/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 USh figures here represent the international gold spot price converted to UGX at the 2023-end exchange rate. Uganda'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 Uganda? See live gold prices in Uganda 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 November 2023 page with the country-by-country list at the bottom.
Other markets? Compare November 2023 prices across other major gold-trading countries: Kenya, Tanzania, Nigeria, South Africa, Ghana, Zambia.
Disclaimer: Historical gold prices on this page reflect the international XAU/USD spot price for the requested period, converted to UGX 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 Uganda before transacting.