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GOLD PRICE IN NUNAVUT — FEBRUARY 2006

C$638.03 avg/oz

During February 2006, gold dealers serving Nunavut based pricing on CAD spot prices ranging from C$622.54 to C$655.11 per ounce, with a monthly average of C$638.03. The month opened at C$649.74 and closed at C$638.48, a loss of C$11.26. Investment-grade gold (99.5%+ purity) remains GST/HST-exempt in Nunavut.

DAILY PRICES — FEBRUARY 2006

DateClose (CAD)Change
February 1, 2006C$649.74-0.23
February 2, 2006C$655.11+5.37
February 3, 2006C$648.94-6.17
February 6, 2006C$653.56+4.62
February 7, 2006C$635.36-18.20
February 8, 2006C$632.67-2.69
February 9, 2006C$647.14+14.47
February 10, 2006C$640.87-6.27
February 13, 2006C$622.54-18.33
February 14, 2006C$629.91+7.37
February 15, 2006C$624.76-5.15
February 16, 2006C$631.72+6.96
February 17, 2006C$633.80+2.08
February 21, 2006C$635.49+1.69
February 22, 2006C$636.15+0.66
February 23, 2006C$632.25-3.90
February 24, 2006C$641.95+9.70
February 27, 2006C$632.19-9.76
February 28, 2006C$638.48+6.29

📊 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$638.03
Per GramC$20.51
Per KilogramC$20,513.11
Per Pennyweight (1.555g)C$31.90
Per Tola (11.66g)C$239.26

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