GOLD PRICE IN 2008 — ANNUAL SUMMARY (CAD)
In 2008, the gold price in Canadian Dollars opened at C$843.95 per troy ounce and closed the year at C$1,074.37, a net gain of C$230.42 (27.3%). The annual trading range spanned from a low of C$794.28 to a high of C$1,089.27, a range of C$294.99. The yearly average gold price was C$924.29 across 253 trading sessions.
Canadian gold returns are influenced by both the international gold price in USD and the USD/CAD exchange rate. In years when the Canadian Dollar weakens against the USD, gold returns in CAD tend to outperform USD gold returns, providing an additional buffer for Canadian investors. Yearly summaries are essential for evaluating long-term portfolio performance and comparing gold against other Canadian asset classes like the TSX Composite Index, government bonds, and real estate.
ANNUAL OVERVIEW
| Metric | CAD |
|---|---|
| Open (January 2, 2008) | C$843.95 |
| Close (December 31, 2008) | C$1,074.37 |
| Year High | C$1,089.27 |
| Year Low | C$794.28 |
| Annual Average | C$924.29 |
| Change | +230.42 (+27.30%) |
| Trading Days | 253 |
MONTHLY BREAKDOWN — 2008
| Month | Avg (CAD) | Change | Days |
|---|---|---|---|
| January | C$899.98 | +71.70 | 21 |
| February | C$924.68 | +56.58 | 20 |
| March | C$963.76 | -31.23 | 20 |
| April | C$921.22 | -35.54 | 22 |
| May | C$887.59 | +25.75 | 21 |
| June | C$904.65 | +50.20 | 21 |
| July | C$951.65 | -25.59 | 22 |
| August | C$880.60 | -45.83 | 21 |
| September | C$876.03 | +70.20 | 21 |
| October | C$942.32 | -72.47 | 23 |
| November | C$920.80 | +152.38 | 19 |
| December | C$1,012.70 | +108.83 | 22 |
📊 Gold Market Analysis
❓ Frequently Asked Questions
❓ 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.
❓ 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.
💡 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)
| Unit | Price (CAD) |
|---|---|
| Per Troy Ounce (31.1g) | C$843.95 |
| Per Gram | C$27.13 |
| Per Kilogram | C$27,133.58 |
| Per Pennyweight (1.555g) | C$42.20 |
| Per Tola (11.66g) | C$316.48 |
📚 Learn more: How to Buy Gold in Canada · Gold Tax Guide · 25 Year Price Analysis · All Guides