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GOLD PRICE IN NUNAVUT — JUNE 2002

C$433.53 avg/oz

During June 2002, gold dealers serving Nunavut based pricing on CAD spot prices ranging from C$423.23 to C$442.53 per ounce, with a monthly average of C$433.53. The month opened at C$441.05 and closed at C$423.23, a loss of C$17.82. Investment-grade gold (99.5%+ purity) remains GST/HST-exempt in Nunavut.

DAILY PRICES — JUNE 2002

DateClose (CAD)Change
June 3, 2002C$441.05+0.27
June 4, 2002C$442.53+1.48
June 5, 2002C$433.62-8.91
June 6, 2002C$438.61+4.99
June 7, 2002C$438.21-0.40
June 10, 2002C$430.25-7.96
June 11, 2002C$431.60+1.35
June 12, 2002C$432.40+0.80
June 13, 2002C$428.90-3.50
June 14, 2002C$430.79+1.89
June 17, 2002C$428.49-2.30
June 18, 2002C$430.92+2.43
June 19, 2002C$431.73+0.81
June 20, 2002C$436.32+4.59
June 21, 2002C$438.21+1.89
June 24, 2002C$437.80-0.41
June 25, 2002C$432.27-5.53
June 26, 2002C$432.68+0.41
June 27, 2002C$430.92-1.76
June 28, 2002C$423.23-7.69

📊 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$433.53
Per GramC$13.94
Per KilogramC$13,938.29
Per Pennyweight (1.555g)C$21.68
Per Tola (11.66g)C$162.57

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