Gold rate today in Durban (ZAR)

Durban gold rate at a glance

At the last update, one gram of 24k gold in Durban works out to about 2,136 ZAR, and a gram of 22k to about 1,958 ZAR. Per 10 grams, a common size for small bars and rate boards, that is about 21,362 ZAR for 24k. These are spot-based figures, before any tax, premium or making charge. Durban has one of the largest Indian communities outside India, which makes it South Africa's main market for 22k bridal gold.

What moves the gold price in Durban

Two numbers set the gold price in Durban: the international price in US dollars, about $4,007.9 per ounce at the last update, and the USD/ZAR exchange rate, now 16.578. The rand is one of the most traded emerging-market currencies and often weakens when global investors turn cautious, which is also when gold tends to be in demand. The two effects can stack, so the rand gold price sometimes jumps faster than the dollar price.

The dollar price itself responds to US interest-rate expectations, the strength of the dollar, inflation data, central-bank buying and geopolitical risk. Our guide to what moves gold prices covers each in turn.

Premiums, making charges and tax in Durban

The shelf price in Durban is higher than the converted figure above. A shop adds 15% VAT on jewellery, a dealer premium on coins and the jeweller's margin. On jewellery, making charges are built into the price of jewellery, which is largely made in 9k and 18k, so two pieces of the same weight and purity can carry very different prices. Jewellery is mostly 9k and 18k; the Krugerrand, first minted in 1967, is 22k gold containing one troy ounce of pure gold.

Where gold is bought in Durban

Jewellers in the central district around Grey Street (now Dr Yusuf Dadoo Street) and in Chatsworth and Phoenix sell 22k Indian-style jewellery, and the malls carry 9k and 18k. When comparing shops, ask for the gold rate per gram, the purity, the making charge and the buy-back price separately; that is the only way to see which offer is really cheaper.

Buying seasons in Durban

Diwali, Eid and weddings in the large Indian community bring the heaviest demand. Across South Africa, demand is strongest around Christmas, Valentine's Day, weddings, and Diwali and Eid in the Indian and Muslim communities. Seasonal demand tends to show up in shop premiums, promotions and queues rather than in the international price, which is set by global flows. Knowing the calendar helps explain why a local quote can look expensive or cheap against this page in a given week.

Gold market hours in Durban

The international gold market trades almost around the clock on weekdays. In Durban the London–New York overlap, usually the busiest and most volatile part of the day, runs today from about 14:00–18:00 local time. The two LBMA Gold Price auctions in London, at 10:30 and 15:00 London time, fall at 11:30 and 16:00 in Durban, and major US data released at 08:30 New York time, such as payrolls and inflation, lands at 14:30 local time. The week's trading closes at 23:00 on Friday and reopens at 01:00 on Monday, Durban time; over the weekend the price on this page is the last close. The Johannesburg Stock Exchange lists gold miners and gold-backed products, and South Africa remains one of the world's notable gold producers. Our gold market hours tool shows the sessions in any time zone.

Durban compared with Johannesburg

Durban and Johannesburg both price gold in ZAR off the same international price and the same exchange rate, so the converted figure is identical: about 2,136 ZAR per gram of 24k in both. Any difference at the counter comes from making charges, dealer premiums and how hard the shops compete.

How this ZAR gold price is calculated

Three numbers decide everything on this page. First, the international gold price in US dollars per troy ounce: $4,007.9 at the last update. Second, the exchange rate: 1 USD = 16.578 ZAR. Third, the weight: one troy ounce is 31.1035 grams, and one tola is 11.6638 grams.

1. Price per gram in USD = $4,007.9 ÷ 31.1035 = $128.86.
2. Price per gram in ZAR = $128.86 × 16.578 = 2,136 ZAR (24k, pure gold).
3. Price per 10 grams = 2,136 × 10 = 21,362 ZAR.
4. For a lower purity, multiply by the fineness: 22k = 0.9167, 21k = 0.875, 18k = 0.750.

The gold price comes from COMEX gold futures, which track spot XAUUSD closely but are not identical to it. The exchange rate is a mid-market rate; the rate your bank or money changer gives you will be slightly different. If you want to do the maths yourself, our guide to converting the gold price per gram, tola and kilo walks through every step with worked examples.

What this price does not include

The figures above are the international spot price converted into local currency. They are the starting point for every retail price in Durban, but they are not the price you will pay or receive at a shop. The retail or "jeweller" price adds some or all of these on top:

• Import duty or customs charges, where the country imports most of its gold.
• Sales tax, GST or VAT, which may apply to jewellery, to bars and coins, or to both, depending on local law.
• Dealer premium: the margin a bullion dealer or bank adds to the spot price for bars and coins, usually larger on small pieces.
• Making charges (labour) on jewellery, often a percentage of the gold value or a fixed amount per gram.
• Local supply and demand, which can push the physical price to a premium or a discount against the international price for weeks at a time.

When you sell, the buyer usually quotes below the spot-based number and deducts for purity testing, wear and sometimes stones. The gap between the buying and the selling price is the real cost of owning physical gold, and it varies a lot between shops, so it is worth asking several.

Frequently asked questions