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GOLD PRICE IN ONTARIO — AUGUST 2002

C$418.70 avg/oz

During August 2002, gold dealers serving Ontario based pricing on CAD spot prices ranging from C$410.40 to C$424.30 per ounce, with a monthly average of C$418.70. The month opened at C$410.40 and closed at C$421.74, a gain of C$11.34. Investment-grade gold (99.5%+ purity) remains GST/HST-exempt in Ontario.

DAILY PRICES — AUGUST 2002

DateClose (CAD)Change
August 1, 2002C$410.40+1.08
August 2, 2002C$414.45+4.05
August 5, 2002C$415.53+1.08
August 6, 2002C$412.43-3.10
August 7, 2002C$424.30+11.87
August 8, 2002C$419.04-5.26
August 9, 2002C$424.17+5.13
August 12, 2002C$424.04-0.13
August 13, 2002C$424.17+0.13
August 14, 2002C$420.93-3.24
August 15, 2002C$424.30+3.37
August 16, 2002C$423.50-0.80
August 19, 2002C$413.10-10.40
August 20, 2002C$416.75+3.65
August 21, 2002C$415.26-1.49
August 22, 2002C$413.91-1.35
August 23, 2002C$414.05+0.14
August 26, 2002C$417.69+3.64
August 27, 2002C$421.60+3.91
August 28, 2002C$417.69-3.91
August 29, 2002C$422.41+4.72
August 30, 2002C$421.74-0.67

📊 Gold Market Analysis

Gold has historically served as an effective hedge against inflation and currency depreciation in Canada. Central bank policies, including the Bank of Canada's interest rate decisions, directly influence the attractiveness of gold relative to fixed-income investments. Gold mining stocks on the TSX (Toronto Stock Exchange) — including Barrick Gold, Agnico Eagle, and Kinross Gold — offer leveraged exposure to gold prices. However, physical bullion provides direct price exposure without management risk, dilution, or operational challenges. Many Canadian financial advisors recommend a mix of both.

❓ Frequently Asked Questions

❓ 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.

❓ Where can I buy gold in my province?

Most Canadians buy gold online from national dealers (Kitco, Sprott Money, SilverGoldBull) with insured shipping to any province. Some metropolitan areas have local coin shops. The Royal Canadian Mint operates a retail store in Ottawa, Ontario.

💡 Canadian Gold Investor Guide

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.

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.

⚖️ Unit Conversions (CAD)

UnitPrice (CAD)
Per Troy Ounce (31.1g)C$418.70
Per GramC$13.46
Per KilogramC$13,461.50
Per Pennyweight (1.555g)C$20.93
Per Tola (11.66g)C$157.01

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