Home›Provinces›Ontario›May 2002

GOLD PRICE IN ONTARIO — MAY 2002

C$424.75 avg/oz

During May 2002, gold dealers serving Ontario based pricing on CAD spot prices ranging from C$414.85 to C$440.78 per ounce, with a monthly average of C$424.75. The month opened at C$417.29 and closed at C$440.78, a gain of C$23.49. Investment-grade gold (99.5%+ purity) remains GST/HST-exempt in Ontario.

DAILY PRICES — MAY 2002

DateClose (CAD)Change
May 1, 2002C$417.29+0.28
May 2, 2002C$416.20-1.09
May 3, 2002C$421.47+5.27
May 6, 2002C$420.12-1.35
May 7, 2002C$420.66+0.54
May 8, 2002C$416.07-4.59
May 9, 2002C$417.83+1.76
May 10, 2002C$419.85+2.02
May 13, 2002C$419.31-0.54
May 14, 2002C$414.85-4.46
May 15, 2002C$416.75+1.90
May 16, 2002C$418.23+1.48
May 17, 2002C$419.31+1.08
May 20, 2002C$426.20+6.89
May 21, 2002C$426.33+0.13
May 22, 2002C$429.30+2.97
May 23, 2002C$435.38+6.08
May 24, 2002C$432.54-2.84
May 28, 2002C$437.26+4.72
May 29, 2002C$439.29+2.03
May 30, 2002C$439.43+0.14
May 31, 2002C$440.78+1.35

📊 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

When to Buy and Sell Gold: Consider buying when gold-to-stock ratios are low and selling when gold exceeds your target allocation. Profit-taking near historical highs and reallocating to undervalued assets can lock in gains. Avoid panic selling during short-term dips — gold rewards patient holders.

Storage Considerations: Home safe (for holdings under C$50,000), bank safe deposit box (limited insurance), or allocated vault storage through dealers like Kitco or Sprott Money (institutional security, insured). Each option involves different cost, convenience, and risk trade-offs.

⚖️ Unit Conversions (CAD)

UnitPrice (CAD)
Per Troy Ounce (31.1g)C$424.75
Per GramC$13.66
Per KilogramC$13,656.01
Per Pennyweight (1.555g)C$21.24
Per Tola (11.66g)C$159.28

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