GOLD PRICE IN 2024 — ANNUAL SUMMARY (CAD)
In 2024, the gold price in Canadian Dollars opened at C$2,732.49 per troy ounce and closed the year at C$3,772.85, a net gain of C$1,040.36 (38.1%). The annual trading range spanned from a low of C$2,677.60 to a high of C$3,880.28, a range of C$1,202.68. The yearly average gold price was C$3,276.79 across 252 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, 2024) | C$2,732.49 |
| Close (December 31, 2024) | C$3,772.85 |
| Year High | C$3,880.28 |
| Year Low | C$2,677.60 |
| Annual Average | C$3,276.79 |
| Change | +1,040.36 (+38.10%) |
| Trading Days | 252 |
MONTHLY BREAKDOWN — 2024
| Month | Avg (CAD) | Change | Days |
|---|---|---|---|
| January | C$2,720.15 | +11.52 | 21 |
| February | C$2,732.45 | +19.24 | 20 |
| March | C$2,926.37 | +179.86 | 20 |
| April | C$3,186.79 | +107.42 | 22 |
| May | C$3,212.87 | +9.92 | 22 |
| June | C$3,186.48 | -7.02 | 19 |
| July | C$3,281.37 | +178.15 | 22 |
| August | C$3,373.02 | +1.59 | 22 |
| September | C$3,484.21 | +200.36 | 20 |
| October | C$3,695.31 | +200.32 | 23 |
| November | C$3,700.77 | -94.58 | 20 |
| December | C$3,763.28 | +80.67 | 21 |
📊 Gold Market Analysis
❓ 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
When to Buy and Sell Gold: Consider buying when gold-to-stock ratios are low and selling when gold exceeds your target allocation. Profit-taking near historical highs and reallocating to undervalued assets can lock in gains. Avoid panic selling during short-term dips — gold rewards patient holders.
Storage Considerations: Home safe (for holdings under C$50,000), bank safe deposit box (limited insurance), or allocated vault storage through dealers like Kitco or Sprott Money (institutional security, insured). Each option involves different cost, convenience, and risk trade-offs.
⚖️ Unit Conversions (CAD)
| Unit | Price (CAD) |
|---|---|
| Per Troy Ounce (31.1g) | C$2,732.49 |
| Per Gram | C$87.85 |
| Per Kilogram | C$87,851.47 |
| Per Pennyweight (1.555g) | C$136.62 |
| Per Tola (11.66g) | C$1,024.68 |
📚 Learn more: How to Buy Gold in Canada · Gold Tax Guide · 25 Year Price Analysis · All Guides