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GOLD PRICE IN ONTARIO — OCTOBER 2008

C$942.32 avg/oz

During October 2008, gold dealers serving Ontario based pricing on CAD spot prices ranging from C$863.89 to C$1,017.43 per ounce, with a monthly average of C$942.32. The month opened at C$936.36 and closed at C$863.89, a loss of C$72.47. Investment-grade gold (99.5%+ purity) remains GST/HST-exempt in Ontario.

DAILY PRICES — OCTOBER 2008

DateClose (CAD)Change
October 1, 2008C$936.36+6.82
October 2, 2008C$905.11-31.25
October 3, 2008C$893.64-11.47
October 6, 2008C$949.49+55.85
October 7, 2008C$970.19+20.70
October 8, 2008C$1,017.43+47.24
October 9, 2008C$1,013.62-3.81
October 10, 2008C$1,006.55-7.07
October 13, 2008C$961.04-45.51
October 14, 2008C$972.37+11.33
October 15, 2008C$995.92+23.55
October 16, 2008C$945.93-49.99
October 17, 2008C$927.75-18.18
October 20, 2008C$940.24+12.49
October 21, 2008C$928.36-11.88
October 22, 2008C$921.17-7.19
October 23, 2008C$889.49-31.68
October 24, 2008C$927.49+38.00
October 27, 2008C$961.84+34.35
October 28, 2008C$937.58-24.26
October 29, 2008C$920.07-17.51
October 30, 2008C$887.88-32.19
October 31, 2008C$863.89-23.99

📊 Gold Market Analysis

Market technicals for gold in CAD incorporate both the underlying commodity trend and currency movements. Support and resistance levels for XAU/CAD often differ from XAU/USD due to the additional variable of Canadian Dollar strength. The gold-to-silver ratio, currently fluctuating between 80:1 and 90:1, is watched closely by precious metals investors. Historically, ratios above 80 suggest silver is undervalued relative to gold. Canadian investors can use this metric to decide whether to overweight gold or silver in their bullion portfolios when purchasing from dealers like Kitco or Sprott Money.

❓ 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$942.32
Per GramC$30.30
Per KilogramC$30,296.25
Per Pennyweight (1.555g)C$47.12
Per Tola (11.66g)C$353.37

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