Home›Provinces›Nunavut›May 2016

GOLD PRICE IN NUNAVUT — MAY 2016

C$1,626.99 avg/oz

During May 2016, gold dealers serving Nunavut based pricing on CAD spot prices ranging from C$1,574.94 to C$1,661.64 per ounce, with a monthly average of C$1,626.99. The month opened at C$1,623.94 and closed at C$1,583.86, a loss of C$40.08. Investment-grade gold (99.5%+ purity) remains GST/HST-exempt in Nunavut.

DAILY PRICES — MAY 2016

DateClose (CAD)Change
May 2, 2016C$1,623.94+5.61
May 3, 2016C$1,617.12-6.82
May 4, 2016C$1,617.10-0.02
May 5, 2016C$1,635.27+18.17
May 6, 2016C$1,661.64+26.37
May 9, 2016C$1,636.18-25.46
May 10, 2016C$1,637.61+1.43
May 11, 2016C$1,646.31+8.70
May 12, 2016C$1,633.61-12.70
May 13, 2016C$1,633.25-0.36
May 16, 2016C$1,649.66+16.41
May 17, 2016C$1,646.16-3.50
May 18, 2016C$1,644.40-1.76
May 19, 2016C$1,633.34-11.06
May 20, 2016C$1,638.89+5.55
May 23, 2016C$1,641.94+3.05
May 24, 2016C$1,615.39-26.55
May 25, 2016C$1,605.84-9.55
May 26, 2016C$1,590.28-15.56
May 27, 2016C$1,574.94-15.34
May 31, 2016C$1,583.86+8.92

📊 Gold Market Analysis

The precious metals market in Canada is influenced by multiple factors including global supply and demand, mining production costs, central bank reserves management, and macroeconomic indicators such as GDP growth, unemployment rates, and consumer price inflation. The London Bullion Market Association (LBMA) sets the benchmark gold price twice daily through electronic auction. This price, quoted in USD, is then converted to CAD using the prevailing exchange rate. Canadian dealers like Kitco update their premiums every 10–30 seconds based on these spot movements.

❓ 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

Dollar-Cost Averaging (DCA): Buy a fixed CAD amount of gold each month — say C$500. This strategy reduces the impact of short-term volatility and removes the stress of timing the market. Over 10+ years, DCA has historically produced returns close to the annual average gold price.

Portfolio Allocation: Most Canadian financial planners recommend allocating 5–15% of a diversified portfolio to gold and precious metals. This allocation provides downside protection during equity bear markets while maintaining growth potential during inflationary periods.

⚖️ Unit Conversions (CAD)

UnitPrice (CAD)
Per Troy Ounce (31.1g)C$1,626.99
Per GramC$52.31
Per KilogramC$52,308.87
Per Pennyweight (1.555g)C$81.35
Per Tola (11.66g)C$610.12

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