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GOLD PRICE — 2023-W19 (CAD)

📅 May 8, 2023 to May 12, 2023 · 5 trading days

C$2,718.16
+12.05 (+0.45%)

During the week of 2023-W19 (May 8, 2023 to May 12, 2023), the gold spot price in Canadian Dollars opened at C$2,706.11 and closed at C$2,718.16, a weekly gain of C$12.05 (+0.45%). There were 5 trading days during this week.

The weekly trading range spanned from C$2,693.14 to C$2,734.25, a range of C$41.11. The weekly average gold price was C$2,712.42 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 — 2023-W19

DateClose (CAD)Change%
May 8, 2023C$2,711.19-16.94-0.62%
May 9, 2023C$2,722.89+11.70+0.43%
May 10, 2023C$2,715.79-7.10-0.26%
May 11, 2023C$2,694.08-21.71-0.80%
May 12, 2023C$2,718.16+24.08+0.89%

WEEKLY OVERVIEW

MetricCAD
OpenC$2,706.11
CloseC$2,718.16
HighC$2,734.25
LowC$2,693.14
AverageC$2,712.42
Change+12.05 (+0.45%)

📊 Gold Market Analysis

The precious metals market in Canada is influenced by multiple factors including global supply and demand, mining production costs, central bank reserves management, and macroeconomic indicators such as GDP growth, unemployment rates, and consumer price inflation. The London Bullion Market Association (LBMA) sets the benchmark gold price twice daily through electronic auction. This price, quoted in USD, is then converted to CAD using the prevailing exchange rate. Canadian dealers like Kitco update their premiums every 10–30 seconds based on these spot movements.

❓ Frequently Asked Questions

❓ 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.

❓ What determines the daily gold price in Canada?

The gold spot price is set by continuous trading on global exchanges including COMEX (New York), London Bullion Market, and Shanghai Gold Exchange. The CAD price reflects the USD spot price multiplied by the USD/CAD exchange rate, meaning both gold and currency movements affect Canadian pricing.

💡 Canadian Gold Investor Guide

Physical vs Paper Gold: Physical bullion (bars, coins) provides tangible ownership with no counterparty risk, ideal for long-term holdings. ETFs (CGL.TO, MNT.TO) offer convenience for trading and rebalancing. A combination of both can optimize for both security and flexibility.

Tax-Efficient Gold Investing: Maximize TFSA contributions first — all gold gains are 100% tax-free. Then use RRSP for tax-deductible contributions where gains are tax-deferred. Keep non-registered gold purchases for emergency reserves, as the capital gains inclusion rate is 50%.

⚖️ Unit Conversions (CAD)

UnitPrice (CAD)
Per Troy Ounce (31.1g)C$2,706.11
Per GramC$87.00
Per KilogramC$87,003.33
Per Pennyweight (1.555g)C$135.31
Per Tola (11.66g)C$1,014.79

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