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GOLD PRICE IN NOVA SCOTIA — AUGUST 2023

C$2,581.88 avg/oz

During August 2023, gold dealers serving Nova Scotia based pricing on CAD spot prices ranging from C$2,550.43 to C$2,636.26 per ounce, with a monthly average of C$2,581.88. The month opened at C$2,560.17 and closed at C$2,623.41, a gain of C$63.24. Investment-grade gold (99.5%+ purity) remains GST/HST-exempt in Nova Scotia.

DAILY PRICES — AUGUST 2023

DateClose (CAD)Change
August 1, 2023C$2,560.17-50.94
August 2, 2023C$2,570.64+10.47
August 3, 2023C$2,577.94+7.30
August 4, 2023C$2,589.48+11.54
August 7, 2023C$2,585.67-3.81
August 8, 2023C$2,572.75-12.92
August 9, 2023C$2,571.42-1.33
August 10, 2023C$2,568.90-2.52
August 11, 2023C$2,571.86+2.96
August 14, 2023C$2,567.81-4.05
August 15, 2023C$2,560.54-7.27
August 16, 2023C$2,557.86-2.68
August 17, 2023C$2,550.43-7.43
August 18, 2023C$2,554.76+4.33
August 21, 2023C$2,563.83+9.07
August 22, 2023C$2,568.29+4.46
August 23, 2023C$2,599.59+31.30
August 24, 2023C$2,594.12-5.47
August 25, 2023C$2,596.57+2.45
August 28, 2023C$2,607.19+10.62
August 29, 2023C$2,633.85+26.66
August 30, 2023C$2,636.26+2.41
August 31, 2023C$2,623.41-12.85

📊 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

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.

Portfolio Allocation: Most Canadian financial planners recommend allocating 5–15% of a diversified portfolio to gold and precious metals. This allocation provides downside protection during equity bear markets while maintaining growth potential during inflationary periods.

⚖️ Unit Conversions (CAD)

UnitPrice (CAD)
Per Troy Ounce (31.1g)C$2,581.88
Per GramC$83.01
Per KilogramC$83,009.25
Per Pennyweight (1.555g)C$129.09
Per Tola (11.66g)C$968.21

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