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GOLD PRICE IN NEW BRUNSWICK — AUGUST 2024

C$3,373.02 avg/oz

During August 2024, gold dealers serving New Brunswick based pricing on CAD spot prices ranging from C$3,295.66 to C$3,431.48 per ounce, with a monthly average of C$3,373.02. The month opened at C$3,362.32 and closed at C$3,363.91, a gain of C$1.59. Investment-grade gold (99.5%+ purity) remains GST/HST-exempt in New Brunswick.

DAILY PRICES — AUGUST 2024

DateClose (CAD)Change
August 1, 2024C$3,362.32+1.71
August 2, 2024C$3,367.02+4.70
August 5, 2024C$3,334.30-32.72
August 6, 2024C$3,298.22-36.08
August 7, 2024C$3,295.66-2.56
August 8, 2024C$3,331.66+36.00
August 9, 2024C$3,340.59+8.93
August 12, 2024C$3,382.33+41.74
August 13, 2024C$3,389.81+7.48
August 14, 2024C$3,344.20-45.61
August 15, 2024C$3,364.60+20.40
August 16, 2024C$3,431.48+66.88
August 19, 2024C$3,422.04-9.44
August 20, 2024C$3,422.90+0.86
August 21, 2024C$3,415.76-7.14
August 22, 2024C$3,367.16-48.60
August 23, 2024C$3,412.28+45.12
August 26, 2024C$3,400.91-11.37
August 27, 2024C$3,392.10-8.81
August 28, 2024C$3,363.27-28.83
August 29, 2024C$3,403.89+40.62
August 30, 2024C$3,363.91-39.98

📊 Gold Market Analysis

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. Gold has historically outperformed during periods of negative real interest rates — when inflation exceeds the Bank of Canada's overnight rate. Canadian investors use gold as a hedge against purchasing power erosion, particularly when CPI exceeds 3%. The correlation between gold and the inverse of real rates makes it a strategic allocation in balanced portfolios.

❓ Frequently Asked Questions

❓ Is gold taxed in Canadian provinces?

Investment-grade gold bullion (99.5%+ purity) is exempt from GST/HST in all Canadian provinces under the federal Excise Tax Act. However, provincial policies may vary for numismatic coins, gold jewelry, and gold items below the purity threshold.

❓ Does provincial tax rate affect gold investment returns?

While GST/HST-exempt gold itself is unaffected by provincial tax rates, the marginal tax rate in your province affects capital gains taxes when selling gold. Provinces with lower marginal rates provide a slight advantage for non-registered gold profits.

❓ What about capital gains tax on gold?

Gold sold at a profit outside registered accounts (RRSP/TFSA) triggers capital gains tax in all provinces. In Canada, 50% of the gain is included in taxable income at your marginal rate. Keep purchase receipts for adjusted cost base calculations.

💡 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)

UnitPrice (CAD)
Per Troy Ounce (31.1g)C$3,373.02
Per GramC$108.45
Per KilogramC$108,444.95
Per Pennyweight (1.555g)C$168.65
Per Tola (11.66g)C$1,264.88

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