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GOLD PRICE IN NEWFOUNDLAND & LABRADOR — FEBRUARY 2024

C$2,732.45 avg/oz

During February 2024, gold dealers serving Newfoundland & Labrador based pricing on CAD spot prices ranging from C$2,681.51 to C$2,777.55 per ounce, with a monthly average of C$2,732.45. The month opened at C$2,758.31 and closed at C$2,777.55, a gain of C$19.24. Investment-grade gold (99.5%+ purity) remains GST/HST-exempt in Newfoundland & Labrador.

DAILY PRICES — FEBRUARY 2024

DateClose (CAD)Change
February 1, 2024C$2,758.31+13.11
February 2, 2024C$2,724.91-33.40
February 5, 2024C$2,728.64+3.73
February 6, 2024C$2,755.32+26.68
February 7, 2024C$2,745.34-9.98
February 8, 2024C$2,736.15-9.19
February 9, 2024C$2,723.36-12.79
February 12, 2024C$2,716.05-7.31
February 13, 2024C$2,681.51-34.54
February 14, 2024C$2,700.00+18.49
February 15, 2024C$2,710.58+10.58
February 16, 2024C$2,708.55-2.03
February 20, 2024C$2,736.72+28.17
February 21, 2024C$2,734.53-2.19
February 22, 2024C$2,725.99-8.54
February 23, 2024C$2,748.32+22.33
February 26, 2024C$2,739.94-8.38
February 27, 2024C$2,746.16+6.22
February 28, 2024C$2,750.99+4.83
February 29, 2024C$2,777.55+26.56

📊 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$2,732.45
Per GramC$87.85
Per KilogramC$87,850.18
Per Pennyweight (1.555g)C$136.62
Per Tola (11.66g)C$1,024.67

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