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GOLD PRICE — 2020-W31 (CAD)

📅 July 28, 2020 to August 3, 2020 · 5 trading days

C$2,633.89
+57.48 (+2.23%)

During the week of 2020-W31 (July 28, 2020 to August 3, 2020), the gold spot price in Canadian Dollars opened at C$2,576.41 and closed at C$2,633.89, a weekly gain of C$57.48 (+2.23%). There were 5 trading days during this week.

The weekly trading range spanned from C$2,572.54 to C$2,658.41, a range of C$85.87. The weekly average gold price was C$2,613.14 per troy ounce. Weekly summaries help Canadian investors identify short-term momentum and plan their entry points for bullion purchases from dealers like Kitco, Sprott Money, and SilverGoldBull.

DAILY PRICES — 2020-W31

DateClose (CAD)Change%
July 28, 2020C$2,594.02+3.24+0.13%
July 29, 2020C$2,613.70+19.68+0.76%
July 30, 2020C$2,591.42-22.28-0.85%
July 31, 2020C$2,632.66+41.24+1.59%
August 3, 2020C$2,633.89+1.23+0.05%

WEEKLY OVERVIEW

MetricCAD
OpenC$2,576.41
CloseC$2,633.89
HighC$2,658.41
LowC$2,572.54
AverageC$2,613.14
Change+57.48 (+2.23%)

📊 Gold Market Analysis

Gold has historically served as an effective hedge against inflation and currency depreciation in Canada. Central bank policies, including the Bank of Canada's interest rate decisions, directly influence the attractiveness of gold relative to fixed-income investments. Gold mining stocks on the TSX (Toronto Stock Exchange) — including Barrick Gold, Agnico Eagle, and Kinross Gold — offer leveraged exposure to gold prices. However, physical bullion provides direct price exposure without management risk, dilution, or operational challenges. Many Canadian financial advisors recommend a mix of both.

❓ Frequently Asked Questions

❓ Is gold a good long-term investment in Canada?

Gold has historically preserved purchasing power against Canadian inflation. Over the past 25 years, gold in CAD has outperformed GICs, savings accounts, and even many equity benchmarks during bear markets. However, gold generates no income — returns come solely from price appreciation.

❓ How often do gold prices update?

Gold spot prices update every few seconds during market hours. The main trading sessions are London (3:00 AM – 12:00 PM ET), New York (8:20 AM – 1:30 PM ET), and Asian markets (evening ET). The CAD conversion rate updates approximately every 60 seconds.

❓ Why does gold in CAD differ from USD prices?

Gold in CAD = (Gold in USD) × (USD/CAD exchange rate). When the Canadian Dollar weakens against the USD, gold in CAD rises even if the USD price is flat. This currency effect has historically added 2–4% annualized return for Canadian gold investors compared to USD returns.

💡 Canadian Gold Investor Guide

Storage Considerations: Home safe (for holdings under C$50,000), bank safe deposit box (limited insurance), or allocated vault storage through dealers like Kitco or Sprott Money (institutional security, insured). Each option involves different cost, convenience, and risk trade-offs.

Dollar-Cost Averaging (DCA): Buy a fixed CAD amount of gold each month — say C$500. This strategy reduces the impact of short-term volatility and removes the stress of timing the market. Over 10+ years, DCA has historically produced returns close to the annual average gold price.

⚖️ Unit Conversions (CAD)

UnitPrice (CAD)
Per Troy Ounce (31.1g)C$2,576.41
Per GramC$82.83
Per KilogramC$82,833.38
Per Pennyweight (1.555g)C$128.82
Per Tola (11.66g)C$966.15

📚 Learn more: How to Buy Gold in Canada · Gold Tax Guide · 25 Year Price Analysis · All Guides