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GOLD PRICE IN NOVA SCOTIA — OCTOBER 2020

C$2,510.15 avg/oz

During October 2020, gold dealers serving Nova Scotia based pricing on CAD spot prices ranging from C$2,475.05 to C$2,541.90 per ounce, with a monthly average of C$2,510.15. The month opened at C$2,539.18 and closed at C$2,499.81, a loss of C$39.37. Investment-grade gold (99.5%+ purity) remains GST/HST-exempt in Nova Scotia.

DAILY PRICES — OCTOBER 2020

DateClose (CAD)Change
October 1, 2020C$2,539.18+12.99
October 2, 2020C$2,524.23-14.95
October 5, 2020C$2,541.90+17.67
October 6, 2020C$2,520.29-21.61
October 7, 2020C$2,509.20-11.09
October 8, 2020C$2,503.87-5.33
October 9, 2020C$2,532.22+28.35
October 12, 2020C$2,524.24-7.98
October 13, 2020C$2,476.30-47.94
October 14, 2020C$2,498.65+22.35
October 15, 2020C$2,502.44+3.79
October 16, 2020C$2,513.83+11.39
October 19, 2020C$2,512.50-1.33
October 20, 2020C$2,519.76+7.26
October 21, 2020C$2,525.17+5.41
October 22, 2020C$2,500.55-24.62
October 23, 2020C$2,498.60-1.95
October 26, 2020C$2,501.52+2.92
October 27, 2020C$2,520.78+19.26
October 28, 2020C$2,475.05-45.73
October 29, 2020C$2,483.21+8.16
October 30, 2020C$2,499.81+16.60

📊 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

❓ 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.

❓ Where can I buy gold in my province?

Most Canadians buy gold online from national dealers (Kitco, Sprott Money, SilverGoldBull) with insured shipping to any province. Some metropolitan areas have local coin shops. The Royal Canadian Mint operates a retail store in Ottawa, Ontario.

❓ 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.

💡 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$2,510.15
Per GramC$80.70
Per KilogramC$80,703.08
Per Pennyweight (1.555g)C$125.51
Per Tola (11.66g)C$941.31

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