Home›History›July 24, 2020

GOLD PRICE ON JULY 24, 2020 (CAD)

📅 Historical Gold Price — XAU/CAD

On July 24, 2020, the gold spot price in CAD opened at C$2,525.68 per troy ounce and closed at C$2,543.10. The intraday high was C$2,543.10 and the low was C$2,525.68. Gold rose by C$8.46 (+0.33%) from the previous session. The USD/CAD exchange rate was 1.3404.

OHLC DATA — JULY 24, 2020

Metric	Price (CAD)
Open	C$2,525.68
High	C$2,543.10
Low	C$2,525.68
Close	C$2,543.10
Change	+8.46 (+0.33%)

Metric

Price (CAD)

Open

C$2,525.68

High

C$2,543.10

Low

C$2,525.68

Close

C$2,543.10

Change

+8.46 (+0.33%)

PRICE IN OTHER UNITS

Unit	Price (CAD)
Gold Price per Troy Ounce	C$2,543.10
Gold Price per Gram	C$81.76
Gold Price per Kilogram	C$81,762.45

Unit

Price (CAD)

Gold Price per Troy Ounce

C$2,543.10

Gold Price per Gram

C$81.76

Gold Price per Kilogram

C$81,762.45

← July 23, 2020 📅 Calendar July 27, 2020 →

COMPARE CANADIAN DEALERS

📊 Market Analysis — July 24, 2020

The precious metals market in Canada is influenced by multiple factors including global supply and demand, mining production costs, central bank reserves management, and macroeconomic indicators such as GDP growth, unemployment rates, and consumer price inflation. The London Bullion Market Association (LBMA) sets the benchmark gold price twice daily through electronic auction. This price, quoted in USD, is then converted to CAD using the prevailing exchange rate. Canadian dealers like Kitco update their premiums every 10–30 seconds based on these spot movements.

❓ Frequently Asked Questions

❓ How often do gold prices update?

Gold spot prices update every few seconds during market hours. The main trading sessions are London (3:00 AM – 12:00 PM ET), New York (8:20 AM – 1:30 PM ET), and Asian markets (evening ET). The CAD conversion rate updates approximately every 60 seconds.

❓ 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.

💡 Canadian Gold Investor Guide

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.

Tax-Efficient Gold Investing: Maximize TFSA contributions first — all gold gains are 100% tax-free. Then use RRSP for tax-deductible contributions where gains are tax-deferred. Keep non-registered gold purchases for emergency reserves, as the capital gains inclusion rate is 50%.

⚖️ Unit Conversions (CAD)

Unit	Price (CAD)
Per Troy Ounce (31.1g)	C$2,525.68
Per Gram	C$81.20
Per Kilogram	C$81,202.38
Per Pennyweight (1.555g)	C$126.28
Per Tola (11.66g)	C$947.13

Unit

Price (CAD)

Per Troy Ounce (31.1g)

C$2,525.68

Per Gram

C$81.20

Per Kilogram

C$81,202.38

Per Pennyweight (1.555g)

C$126.28

Per Tola (11.66g)

C$947.13

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