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GOLD PRICE IN NUNAVUT — JUNE 2020

C$2,353.61 avg/oz

During June 2020, gold dealers serving Nunavut based pricing on CAD spot prices ranging from C$2,263.14 to C$2,448.63 per ounce, with a monthly average of C$2,353.61. The month opened at C$2,394.34 and closed at C$2,448.63, a gain of C$54.29. Investment-grade gold (99.5%+ purity) remains GST/HST-exempt in Nunavut.

DAILY PRICES — JUNE 2020

DateClose (CAD)Change
June 1, 2020C$2,394.34+1.93
June 2, 2020C$2,343.25-51.09
June 3, 2020C$2,293.73-49.52
June 4, 2020C$2,319.45+25.72
June 5, 2020C$2,263.14-56.31
June 8, 2020C$2,274.50+11.36
June 9, 2020C$2,292.21+17.71
June 10, 2020C$2,299.59+7.38
June 11, 2020C$2,325.80+26.21
June 12, 2020C$2,358.40+32.60
June 15, 2020C$2,345.99-12.41
June 16, 2020C$2,340.82-5.17
June 17, 2020C$2,340.21-0.61
June 18, 2020C$2,341.55+1.34
June 19, 2020C$2,373.10+31.55
June 22, 2020C$2,392.10+19.00
June 23, 2020C$2,392.65+0.55
June 24, 2020C$2,391.28-1.37
June 25, 2020C$2,404.17+12.89
June 26, 2020C$2,416.80+12.63
June 29, 2020C$2,427.62+10.82
June 30, 2020C$2,448.63+21.01

📊 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$2,353.61
Per GramC$75.67
Per KilogramC$75,670.21
Per Pennyweight (1.555g)C$117.68
Per Tola (11.66g)C$882.60

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