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GOLD PRICE IN ONTARIO — NOVEMBER 2023

C$2,724.03 avg/oz

During November 2023, gold dealers serving Ontario based pricing on CAD spot prices ranging from C$2,668.34 to C$2,776.48 per ounce, with a monthly average of C$2,724.03. The month opened at C$2,745.90 and closed at C$2,769.82, a gain of C$23.92. Investment-grade gold (99.5%+ purity) remains GST/HST-exempt in Ontario.

DAILY PRICES — NOVEMBER 2023

DateClose (CAD)Change
November 1, 2023C$2,745.90+0.65
November 2, 2023C$2,746.96+1.06
November 3, 2023C$2,737.71-9.25
November 6, 2023C$2,706.98-30.73
November 7, 2023C$2,693.99-12.99
November 8, 2023C$2,686.92-7.07
November 9, 2023C$2,709.26+22.34
November 10, 2023C$2,668.34-40.92
November 13, 2023C$2,684.58+16.24
November 14, 2023C$2,707.58+23.00
November 15, 2023C$2,685.22-22.36
November 16, 2023C$2,714.65+29.43
November 17, 2023C$2,725.12+10.47
November 20, 2023C$2,713.21-11.91
November 21, 2023C$2,743.86+30.65
November 22, 2023C$2,728.42-15.44
November 24, 2023C$2,742.01+13.59
November 27, 2023C$2,742.18+0.17
November 28, 2023C$2,775.42+33.24
November 29, 2023C$2,776.48+1.06
November 30, 2023C$2,769.82-6.66

📊 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$2,724.03
Per GramC$87.58
Per KilogramC$87,579.47
Per Pennyweight (1.555g)C$136.20
Per Tola (11.66g)C$1,021.51

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