Home›Provinces›Newfoundland & Labrador›April 2004

GOLD PRICE IN NEWFOUNDLAND & LABRADOR — APRIL 2004

C$541.67 avg/oz

During April 2004, gold dealers serving Newfoundland & Labrador based pricing on CAD spot prices ranging from C$529.77 to C$559.26 per ounce, with a monthly average of C$541.67. The month opened at C$559.26 and closed at C$530.50, a loss of C$28.76. Investment-grade gold (99.5%+ purity) remains GST/HST-exempt in Newfoundland & Labrador.

DAILY PRICES — APRIL 2004

DateClose (CAD)Change
April 1, 2004C$559.26-0.33
April 2, 2004C$554.02-5.24
April 5, 2004C$545.92-8.10
April 6, 2004C$549.22+3.30
April 7, 2004C$554.21+4.99
April 8, 2004C$556.83+2.62
April 12, 2004C$557.64+0.81
April 13, 2004C$543.35-14.29
April 14, 2004C$537.37-5.98
April 15, 2004C$534.35-3.02
April 16, 2004C$539.47+5.12
April 19, 2004C$538.97-0.50
April 20, 2004C$539.24+0.27
April 21, 2004C$531.21-8.03
April 22, 2004C$532.57+1.36
April 23, 2004C$537.02+4.45
April 26, 2004C$535.15-1.87
April 27, 2004C$538.79+3.64
April 28, 2004C$529.77-9.02
April 29, 2004C$530.26+0.49
April 30, 2004C$530.50+0.24

📊 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$541.67
Per GramC$17.42
Per KilogramC$17,415.07
Per Pennyweight (1.555g)C$27.08
Per Tola (11.66g)C$203.13

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