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GOLD PRICE IN NORTHWEST TERRITORIES — SEPTEMBER 2023

C$2,588.83 avg/oz

During September 2023, gold dealers serving Northwest Territories based pricing on CAD spot prices ranging from C$2,493.27 to C$2,625.04 per ounce, with a monthly average of C$2,588.83. The month opened at C$2,620.61 and closed at C$2,493.27, a loss of C$127.34. Investment-grade gold (99.5%+ purity) remains GST/HST-exempt in Northwest Territories.

DAILY PRICES — SEPTEMBER 2023

DateClose (CAD)Change
September 1, 2023C$2,620.61-2.80
September 5, 2023C$2,619.38-1.23
September 6, 2023C$2,616.08-3.30
September 7, 2023C$2,615.28-0.80
September 8, 2023C$2,625.04+9.76
September 11, 2023C$2,620.88-4.16
September 12, 2023C$2,595.30-25.58
September 13, 2023C$2,587.02-8.28
September 14, 2023C$2,588.53+1.51
September 15, 2023C$2,599.84+11.31
September 18, 2023C$2,611.76+11.92
September 19, 2023C$2,605.69-6.07
September 20, 2023C$2,615.41+9.72
September 21, 2023C$2,586.45-28.96
September 22, 2023C$2,594.96+8.51
September 25, 2023C$2,583.00-11.96
September 26, 2023C$2,556.11-26.89
September 27, 2023C$2,530.33-25.78
September 28, 2023C$2,511.73-18.60
September 29, 2023C$2,493.27-18.46

📊 Gold Market Analysis

For Canadian investors, understanding the relationship between the USD/CAD exchange rate and gold pricing is essential. A weakening Canadian Dollar amplifies gold returns in CAD terms, while a strengthening CAD can dampen returns even when USD-denominated gold rises. Gold has historically outperformed during periods of negative real interest rates — when inflation exceeds the Bank of Canada's overnight rate. Canadian investors use gold as a hedge against purchasing power erosion, particularly when CPI exceeds 3%. The correlation between gold and the inverse of real rates makes it a strategic allocation in balanced portfolios.

❓ Frequently Asked Questions

❓ Is gold taxed in Canadian provinces?

Investment-grade gold bullion (99.5%+ purity) is exempt from GST/HST in all Canadian provinces under the federal Excise Tax Act. However, provincial policies may vary for numismatic coins, gold jewelry, and gold items below the purity threshold.

❓ Does provincial tax rate affect gold investment returns?

While GST/HST-exempt gold itself is unaffected by provincial tax rates, the marginal tax rate in your province affects capital gains taxes when selling gold. Provinces with lower marginal rates provide a slight advantage for non-registered gold profits.

❓ What about capital gains tax on gold?

Gold sold at a profit outside registered accounts (RRSP/TFSA) triggers capital gains tax in all provinces. In Canada, 50% of the gain is included in taxable income at your marginal rate. Keep purchase receipts for adjusted cost base calculations.

💡 Canadian Gold Investor Guide

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.

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.

⚖️ Unit Conversions (CAD)

UnitPrice (CAD)
Per Troy Ounce (31.1g)C$2,588.83
Per GramC$83.23
Per KilogramC$83,232.70
Per Pennyweight (1.555g)C$129.44
Per Tola (11.66g)C$970.81

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