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GOLD PRICE IN PRINCE EDWARD ISLAND — OCTOBER 2023

C$2,623.71 avg/oz

During October 2023, gold dealers serving Prince Edward Island based pricing on CAD spot prices ranging from C$2,483.99 to C$2,767.41 per ounce, with a monthly average of C$2,623.71. The month opened at C$2,483.99 and closed at C$2,745.25, a gain of C$261.26. Investment-grade gold (99.5%+ purity) remains GST/HST-exempt in Prince Edward Island.

DAILY PRICES — OCTOBER 2023

DateClose (CAD)Change
October 2, 2023C$2,483.99-9.28
October 3, 2023C$2,495.38+11.39
October 4, 2023C$2,493.00-2.38
October 5, 2023C$2,496.77+3.77
October 6, 2023C$2,508.42+11.65
October 9, 2023C$2,526.62+18.20
October 10, 2023C$2,527.33+0.71
October 11, 2023C$2,543.94+16.61
October 12, 2023C$2,541.22-2.72
October 13, 2023C$2,637.42+96.20
October 16, 2023C$2,621.21-16.21
October 17, 2023C$2,617.64-3.57
October 18, 2023C$2,669.57+51.93
October 19, 2023C$2,699.42+29.85
October 20, 2023C$2,719.06+19.64
October 23, 2023C$2,708.12-10.94
October 24, 2023C$2,703.48-4.64
October 25, 2023C$2,726.47+22.99
October 26, 2023C$2,742.91+16.44
October 27, 2023C$2,747.05+4.14
October 30, 2023C$2,767.41+20.36
October 31, 2023C$2,745.25-22.16

📊 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$2,623.71
Per GramC$84.35
Per KilogramC$84,354.11
Per Pennyweight (1.555g)C$131.19
Per Tola (11.66g)C$983.89

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