Canadian coin and bullion dealers saw a slight retreat in precious metal prices in mid-August, though both silver and gold remain near recent highs after a robust first half of the year.
As of Wed., Aug. 13, silver closed at $53.00 per ounce in Canadian funds, while gold ended the day at $4,624.91 per ounce.
The week prior, on Aug. 6, silver was trading at roughly $52.00 per ounce, based on a U.S. spot price of US$37.82 and an exchange rate of 1.3745. While down from July’s peak above $53.30, the white metal remains near the upper end of its recent trading band. July’s silver average stood at $51.64, bolstered by safe-haven demand, industrial applications, and ongoing geopolitical tensions.
Gold closed at about $4,642 per ounce on Aug. 6, off slightly from a late-July high of $4,665. July’s average gold price hovered around $4,575, supported by a weaker U.S. dollar and cautious investor sentiment amid persistent global economic uncertainty.
So far this year, silver has risen about 23 per cent in Canadian dollars, outpacing gold and pushing near levels last seen in 2011. For dealers, higher bullion prices lift inventory values but also raise risk exposure, with ongoing volatility in trade, interest rates, and currency markets continuing to influence margins and demand across both the bullion and numismatic sectors.