While gold has a universal spot price (current market value for pure gold), the price you pay for a Krugerrand is calculated differently.

The journey of the Krugerrand's price looks like this:
1. We start with the spot bullion price of gold - this is the basic raw material cost at the refinery
2. Then add fabrication costs for minting the actual coins
3. Add handling, logistics costs to market, and distribution expenses
4. Add broker/dealer margins for businesses selling to consumers

That's why Krugerrands always cost more than the equivalent weight in pure gold at the prevailing spot price.