GOLD PRICE IN 2023 — ANNUAL SUMMARY (CAD)
In 2023, the gold price in Canadian Dollars opened at C$2,489.70 per troy ounce and closed the year at C$2,728.47, a net gain of C$238.77 (9.6%). The annual trading range spanned from a low of C$2,438.93 to a high of C$2,873.36, a range of C$434.43. The yearly average gold price was C$2,621.94 across 250 trading sessions.
Canadian gold returns are influenced by both the international gold price in USD and the USD/CAD exchange rate. In years when the Canadian Dollar weakens against the USD, gold returns in CAD tend to outperform USD gold returns, providing an additional buffer for Canadian investors. Yearly summaries are essential for evaluating long-term portfolio performance and comparing gold against other Canadian asset classes like the TSX Composite Index, government bonds, and real estate.
ANNUAL OVERVIEW
| Metric | CAD |
|---|---|
| Open (January 3, 2023) | C$2,489.70 |
| Close (December 29, 2023) | C$2,728.47 |
| Year High | C$2,873.36 |
| Year Low | C$2,438.93 |
| Annual Average | C$2,621.94 |
| Change | +238.77 (+9.60%) |
| Trading Days | 250 |
MONTHLY BREAKDOWN — 2023
| Month | Avg (CAD) | Change | Days |
|---|---|---|---|
| January | C$2,551.20 | +87.95 | 20 |
| February | C$2,488.60 | -82.58 | 19 |
| March | C$2,617.25 | +154.88 | 23 |
| April | C$2,697.10 | +27.86 | 19 |
| May | C$2,693.40 | -18.46 | 22 |
| June | C$2,582.93 | -137.89 | 21 |
| July | C$2,578.82 | +64.86 | 20 |
| August | C$2,581.88 | +63.24 | 23 |
| September | C$2,588.83 | -127.34 | 20 |
| October | C$2,623.71 | +261.26 | 22 |
| November | C$2,724.03 | +23.92 | 21 |
| December | C$2,728.80 | -79.08 | 20 |
📊 Gold Market Analysis
❓ Frequently Asked Questions
❓ 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.
❓ 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.
💡 Canadian Gold Investor Guide
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%.
When to Buy and Sell Gold: Consider buying when gold-to-stock ratios are low and selling when gold exceeds your target allocation. Profit-taking near historical highs and reallocating to undervalued assets can lock in gains. Avoid panic selling during short-term dips — gold rewards patient holders.
⚖️ Unit Conversions (CAD)
| Unit | Price (CAD) |
|---|---|
| Per Troy Ounce (31.1g) | C$2,489.70 |
| Per Gram | C$80.05 |
| Per Kilogram | C$80,045.60 |
| Per Pennyweight (1.555g) | C$124.48 |
| Per Tola (11.66g) | C$933.64 |
📚 Learn more: How to Buy Gold in Canada · Gold Tax Guide · 25 Year Price Analysis · All Guides