i What this calculator does
Quick answer: A 1 oz Krugerrand contains exactly one troy ounce of gold, so its value is the dollar gold price times USD/ZAR; dealers sell above that and buy below it. With the default inputs the calculator returns gold value at spot: R69 014.
A Krugerrand is 22 carat, but it is minted so that each coin contains exactly its face weight of pure gold: one troy ounce in the 1 oz coin, half in the ½ oz, and so on. Its value is therefore simple arithmetic, the dollar gold price times the rand rate, and the only questions are what a dealer charges above that when you buy and pays below it when you sell. This calculator does that arithmetic for Krugerrands, gold bars and jewellery or scrap gold by carat, gives the gold price per gram in rand at every common purity, and shows the round-trip cost and the gold price you need before a purchase today breaks even.
Enter what you paid and it adds the capital gains tax on a sale at your marginal rate, with the 2026/27 annual exclusion. The routes into gold, from coins to ETFs and CFDs, are compared in how to invest in gold in South Africa.
This calculator is for educational purposes only. Results are estimates and may vary depending on market conditions, spreads, commissions, platform settings, and exchange rates. It should not be considered financial advice.
Common results
What the calculator returns as the gold price changes, with every other input at its default (what you have 1 oz Krugerrand, quantity 1, weight 10, carat 18 carat, usd/zar 16.55, dealer premium when you buy 5, discount when you sell 3, vat on the purchase None (Krugerrand, zero-rated)).
| Gold price | Gold value at spot | Gold price per gram, 24ct | What a dealer would pay you |
|---|---|---|---|
| $3 500 | R57 925 | R1 862.33 | R56 187 |
| $3 800 | R62 890 | R2 021.96 | R61 003 |
| $4 170 | R69 014 | R2 218.84 | R66 943 |
| $4 500 | R74 475 | R2 394.43 | R72 241 |
| $5 000 | R82 750 | R2 660.47 | R80 268 |
| $5 500 | R91 025 | R2 926.52 | R88 294 |
Figures used in this calculator
The South African constants this calculator relies on, with the page that holds the current value and the date it was last verified.
- Capital gains tax: 40% inclusion, R50,000 annual exclusion (2026/27). Source: Capital Gains Tax Rates and Exclusions (verified 15 October 2026).
- VAT: 15% standard rate; gold Krugerrands zero-rated. Source: VAT Rates and Registration Thresholds (verified 29 September 2026).
Price per gram by carat
Pure gold is 24 carat; lower carats are alloys with a stated share of gold: 22ct is 91.67%, 18ct is 75%, 14ct is 58.5% and 9ct is 37.5%. The price per gram of jewellery is the pure-gold price times that share, before the buyer’s discount. Jewellery buyers pay on gold content only, so design, stones and the shop price you paid do not count, and offers of 10% to 25% below the gold value are common. Ask for the price per gram at your carat in writing before the piece is tested, and compare at least two buyers.
VAT, and why Krugerrands are different
Gold Krugerrands are zero-rated for VAT, so there is no 15% on the purchase and nothing to recover on the sale. Gold bars and new jewellery bought from a dealer usually carry 15% VAT, which the price has to rise by before you are even back to spot, so the VAT setting makes a large difference to the break-even price. Check the invoice: dealers show the VAT separately when it is charged.
Capital gains tax on gold
Krugerrands and bars held as an investment are capital assets: the gain on a sale, less the R50,000 annual exclusion shared with your other gains that year, is 40% included in taxable income and taxed at your marginal rate. SARS specifically excludes gold coins from the personal-use asset exemption. Jewellery you wore is a personal-use asset, so a gain on selling it is disregarded. Keep the purchase invoice, because without it SARS can treat the whole proceeds as gain.
Spotted an outdated figure? If a rate, limit or formula in this calculator no longer matches its source, email us the page and the source. A material correction is dated on the Updates Log.
Frequently asked questions
How much is a Krugerrand worth today?
The gold price in dollars times USD/ZAR. At $4,170 an ounce and R16.55 a dollar a 1 oz Krugerrand contains about R69,000 of gold; dealers sell it a few percent above that and buy it back a few percent below.
How much gold is in a Krugerrand?
A 1 oz Krugerrand weighs 33.93 g and contains exactly 1 troy ounce (31.10 g) of pure gold; the rest is copper, which makes it harder wearing. The ½, ¼ and 1/10 oz coins contain those fractions.
What is 9 carat gold worth per gram?
About 37.5% of the pure gold price per gram, before the buyer’s discount. The table in the calculator shows the gram price at every common carat for the gold price and rand rate you enter.
Do I pay VAT on Krugerrands?
No. Gold Krugerrands are zero-rated. Silver Krugerrands, gold bars and new jewellery generally carry 15% VAT.
Do I pay tax when I sell Krugerrands?
Yes, capital gains tax on the gain if you hold them as an investment, after the annual exclusion of R50,000 for all your capital gains in the 2026/27 tax year. If you trade gold coins regularly for profit, SARS can tax the gains as income instead.
Why is the dealer’s buy-back price lower than the gold price?
Dealers earn the spread between what they sell at and buy at, and they carry the cost of testing, storage and price risk. On Krugerrands the spread is small because they are easy to resell; on scrap gold it is large because it has to be refined.
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