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Home›History›January 28, 2005

GOLD PRICE ON JANUARY 28, 2005 (CAD)

📅 Historical Gold Price — XAU/CAD

C$527.14
▼ -0.36 (-0.07%)

On January 28, 2005, the gold spot price in CAD opened at C$527.51 per troy ounce and closed at C$527.14. The intraday high was C$529.25 and the low was C$524.91. Gold fell by C$0.36 (-0.07%) from the previous session. The USD/CAD exchange rate was 1.238.

OHLC DATA — JANUARY 28, 2005

MetricPrice (CAD)
OpenC$527.51
HighC$529.25
LowC$524.91
CloseC$527.14
Change-0.36 (-0.07%)

PRICE IN OTHER UNITS

UnitPrice (CAD)
Gold Price per Troy OunceC$527.14
Gold Price per GramC$16.95
Gold Price per KilogramC$16,947.92
← January 27, 2005 📅 Calendar January 31, 2005 →

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📊 Market Analysis — January 28, 2005

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. Geopolitical tensions — including trade wars, military conflicts, and sanctions — historically drive gold higher as investors seek safe-haven assets. The Canadian Dollar, as a commodity currency tied to oil prices, can weaken independently during global uncertainty, creating a double tailwind for gold priced in CAD.

❓ Frequently Asked Questions

❓ Why does gold in CAD differ from USD prices?

Gold in CAD = (Gold in USD) × (USD/CAD exchange rate). When the Canadian Dollar weakens against the USD, gold in CAD rises even if the USD price is flat. This currency effect has historically added 2–4% annualized return for Canadian gold investors compared to USD returns.

❓ What determines the daily gold price in Canada?

The gold spot price is set by continuous trading on global exchanges including COMEX (New York), London Bullion Market, and Shanghai Gold Exchange. The CAD price reflects the USD spot price multiplied by the USD/CAD exchange rate, meaning both gold and currency movements affect Canadian pricing.

❓ Is gold a good long-term investment in Canada?

Gold has historically preserved purchasing power against Canadian inflation. Over the past 25 years, gold in CAD has outperformed GICs, savings accounts, and even many equity benchmarks during bear markets. However, gold generates no income — returns come solely from price appreciation.

💡 Canadian Gold Investor Guide

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.

Physical vs Paper Gold: Physical bullion (bars, coins) provides tangible ownership with no counterparty risk, ideal for long-term holdings. ETFs (CGL.TO, MNT.TO) offer convenience for trading and rebalancing. A combination of both can optimize for both security and flexibility.

⚖️ Unit Conversions (CAD)

UnitPrice (CAD)
Per Troy Ounce (31.1g)C$527.51
Per GramC$16.96
Per KilogramC$16,959.82
Per Pennyweight (1.555g)C$26.38
Per Tola (11.66g)C$197.82

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