Uganda · UGX · December 2024
Gold Price in Uganda — December 2024
In December 2024, the gold price in Uganda closed at approximately USh9,647,300 per troy ounce, equivalent to USh3,617,796 per tola or USh310,168 per gram. This represents a -0.86% change on the month (USh9,730,771 open → USh9,647,300 close).
Open
USh9,730,771
per troy ounce
Close
USh9,647,300
per troy ounce
High
USh10,009,566
per troy ounce
Low
USh9,624,941
per troy ounce
All unit prices at December 2024 close — Uganda
| Unit | Weight | Closing UGX price |
|---|---|---|
| Troy ounce | 31.1035 g | USh9,647,300 |
| Gram | 1.0000 g | USh310,168 |
| 10 grams | 10 g | USh3,101,677 |
| Kilogram | 1,000 g | USh310,167,663 |
| Tola | 11.664 g | USh3,617,796 |
Karat-purity breakdown at December 2024 close
| Karat | Per gram | Per tola |
|---|---|---|
| 24KUGANDA STD | USh309,857 | USh3,614,178 |
| 22K | USh284,114 | USh3,313,901 |
| 21K | USh271,397 | USh3,165,571 |
| 18K | USh232,626 | USh2,713,347 |
| 14K | USh181,448 | USh2,116,410 |
| 10K | USh129,340 | USh1,508,621 |
Daily gold price in UGX — December 2024
December 2024 gold market: Consolidation caps a historic year
Range-boundA year-end pause after a 25%+ annual gain.
Gold consolidated near $2,620 into year-end as the Fed delivered another cut but guided to a slower 2025 pace. Even after the late-year pause, gold finished 2024 up roughly 25–27% — one of its best annual gains of the century.
What drove gold in December 2024
- Fed cuts but turns more cautious for 2025
- firm dollar
- year-end profit-taking
- record annual central-bank demand
Key events in December 2024
- Dec 18Fed cuts but signals fewer 2025 cuts; gold steadies
What happened next
Gold entered 2025 near record highs, with central-bank demand still the dominant structural driver.
For gold buyers in Uganda
Closing 2024 up around 25%+ confirmed gold's best year in over a decade — a payoff for buyers who trusted the central-bank and rate-cut story.
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 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 — December 2024, Uganda
USh9,730,771
$2,650.36/oz
USh9,736,444
$2,651.91/oz
USh9,750,249
$2,655.67/oz
USh9,756,013
$2,657.24/oz
USh9,750,138
$2,655.64/oz
USh9,713,772
$2,645.73/oz
USh9,826,671
$2,676.48/oz
USh9,826,671
$2,676.48/oz
USh9,907,260
$2,698.43/oz
USh9,991,117
$2,721.27/oz
USh10,009,566
$2,726.30/oz
USh9,886,828
$2,692.87/oz
USh9,782,594
$2,664.48/oz
USh9,782,594
$2,664.48/oz
USh9,761,538
$2,658.74/oz
USh9,736,003
$2,651.79/oz
USh9,642,949
$2,626.44/oz
USh9,663,069
$2,631.92/oz
USh9,668,466
$2,633.39/oz
USh9,668,466
$2,633.39/oz
USh9,624,941
$2,621.54/oz
USh9,689,706
$2,639.18/oz
USh9,689,706
$2,639.18/oz
USh9,686,493
$2,638.30/oz
USh9,649,026
$2,628.10/oz
USh9,649,026
$2,628.10/oz
USh9,647,300
$2,627.63/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 2024 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 December 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 Uganda, add the country-specific levies described in the “Ugandagold market” section above.
FAQ — Uganda gold price in December 2024
What was the gold price in Uganda in December 2024?
In December 2024, gold in Uganda opened at USh9,730,771/oz and closed at USh9,647,300/oz — a move of -0.86% on the month. Per tola: ≈USh3,617,796; per gram: ≈USh310,168; per 10g: ≈USh3,101,677.
What was the 24K gold rate per tola in Uganda in December 2024?
The 24K gold rate per tola in Uganda at the December 2024 close was approximately USh3,617,796, derived from international XAU/USD spot of $2,627.63/oz times the 2024-end UGX/USD exchange rate of 3,671.4904. 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 December 2024?
Uganda's most-quoted retail standard is 24K per gram. At the December 2024 close, that worked out to approximately USh309,857 (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 December 2024 (sourced from gold-api.com), multiplied by the 2024-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 2024-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 2024 archive or the USD-only December 2024 page with the country-by-country list at the bottom.
Other markets? Compare December 2024 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 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 Uganda before transacting.