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GOLD PRICE IN ONTARIO — MARCH 2004

C$540.90 avg/oz

During March 2004, gold dealers serving Ontario based pricing on CAD spot prices ranging from C$523.93 to C$559.59 per ounce, with a monthly average of C$540.90. The month opened at C$533.86 and closed at C$559.59, a gain of C$25.73. Investment-grade gold (99.5%+ purity) remains GST/HST-exempt in Ontario.

DAILY PRICES — MARCH 2004

DateClose (CAD)Change
March 1, 2004C$533.86+4.78
March 2, 2004C$528.71-5.15
March 3, 2004C$525.93-2.78
March 4, 2004C$523.93-2.00
March 5, 2004C$530.40+6.47
March 8, 2004C$527.87-2.53
March 9, 2004C$535.44+7.57
March 10, 2004C$529.76-5.68
March 11, 2004C$527.80-1.96
March 12, 2004C$527.17-0.63
March 15, 2004C$532.48+5.31
March 16, 2004C$536.48+4.00
March 17, 2004C$544.92+8.44
March 18, 2004C$545.37+0.45
March 19, 2004C$549.49+4.12
March 22, 2004C$556.56+7.07
March 23, 2004C$559.17+2.61
March 24, 2004C$558.34-0.83
March 25, 2004C$554.25-4.09
March 26, 2004C$556.45+2.20
March 29, 2004C$545.98-10.47
March 30, 2004C$550.66+4.68
March 31, 2004C$559.59+8.93

📊 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$540.90
Per GramC$17.39
Per KilogramC$17,390.31
Per Pennyweight (1.555g)C$27.04
Per Tola (11.66g)C$202.84

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