South Africa · ZAR · November 2024
Gold Price in South Africa — November 2024
In November 2024, the gold price in South Africa closed at approximately R50,044 per troy ounce, equivalent to R18,767 per tola or R1,609 per gram. This represents a -3.47% change on the month (R51,845 open → R50,044 close).
Open
R51,845
per troy ounce
Close
R50,044
per troy ounce
High
R51,845
per troy ounce
Low
R48,349
per troy ounce
All unit prices at November 2024 close — South Africa
| Unit | Weight | Closing ZAR price |
|---|---|---|
| Troy ounce | 31.1035 g | R50,044 |
| Gram | 1.0000 g | R1,609 |
| 10 grams | 10 g | R16,090 |
| Kilogram | 1,000 g | R1,608,958 |
| Tola | 11.664 g | R18,767 |
Karat-purity breakdown at November 2024 close
| Karat | Per gram | Per tola |
|---|---|---|
| 24KSOUTH AFRICA STD | R1,607 | R18,748 |
| 22K | R1,474 | R17,190 |
| 21K | R1,408 | R16,421 |
| 18K | R1,207 | R14,075 |
| 14K | R941 | R10,979 |
| 10K | R671 | R7,826 |
Daily gold price in ZAR — November 2024
November 2024 gold market: Trump win triggers a dollar-led pullback
BearishA dollar-led pullback from records after the US election.
Gold pulled back from its records in November after Donald Trump's US election victory sent the dollar and Treasury yields sharply higher, prompting profit-taking from about $2,720 down toward $2,560 before stabilising.
What drove gold in November 2024
- Trump election win (Nov 5)
- surging dollar and yields
- profit-taking after record run
- fading election-hedge demand
Key events in November 2024
- Nov 5Trump wins US election; dollar jumps, gold corrects
What happened next
Gold stabilised and consolidated near $2,620 into year-end.
For gold buyers in South Africa
November's pullback was the year's clearest dip-buying opportunity, driven by a dollar spike rather than any change in gold's structural drivers.
Related months to read
The 2024 gold market: Above $2,500 — breakout to new highs
2024 saw gold break decisively above $2,000 and reach $2,790 by year-end. Central-bank buying continued at record pace. Geopolitical tensions (Middle East, Ukraine) and Fed rate cuts beginning in September drove the rally. Year close: $2,624.
Key drivers in 2024
Fed cuts begin, central-bank buying records, BRICS expansion, Middle East tensions, USD weakness
2024 XAU/USD high
$2,790 (Oct)
2024 XAU/USD low
$1,991 (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 — November 2024, South Africa
R51,845
$2,762.28/oz
R51,581
$2,748.24/oz
R51,581
$2,748.24/oz
R51,616
$2,750.09/oz
R51,610
$2,749.78/oz
R50,873
$2,710.52/oz
R50,872
$2,710.43/oz
R50,416
$2,686.17/oz
R50,416
$2,686.17/oz
R49,310
$2,627.24/oz
R49,154
$2,618.92/oz
R48,377
$2,577.53/oz
R48,349
$2,576.05/oz
R49,083
$2,615.15/oz
R49,083
$2,615.15/oz
R49,541
$2,639.53/oz
R49,840
$2,655.49/oz
R50,180
$2,673.60/oz
R50,984
$2,716.40/oz
R51,078
$2,721.42/oz
R51,055
$2,720.21/oz
R49,588
$2,642.02/oz
R49,893
$2,658.28/oz
R49,732
$2,649.74/oz
R50,044
$2,666.35/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 2024 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 November 2024 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 November 2024
What was the gold price in South Africa in November 2024?
In November 2024, gold in South Africa opened at R51,845/oz and closed at R50,044/oz — a move of -3.47% on the month. Per tola: ≈R18,767; per gram: ≈R1,609; per 10g: ≈R16,090.
What was the 24K gold rate per tola in South Africa in November 2024?
The 24K gold rate per tola in South Africa at the November 2024 close was approximately R18,767, derived from international XAU/USD spot of $2,666.35/oz times the 2024-end ZAR/USD exchange rate of 18.7688. 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 November 2024?
South Africa's most-quoted retail standard is 24K per gram. At the November 2024 close, that worked out to approximately R1,607 (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 November 2024 (sourced from gold-api.com), multiplied by the 2024-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 2024-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 2024 archive or the USD-only November 2024 page with the country-by-country list at the bottom.
Other markets? Compare November 2024 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 2024-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.