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GOLD PRICE IN ONTARIO — MAY 2020

C$2,402.67 avg/oz

During May 2020, gold dealers serving Ontario based pricing on CAD spot prices ranging from C$2,356.61 to C$2,460.55 per ounce, with a monthly average of C$2,402.67. The month opened at C$2,364.32 and closed at C$2,392.41, a gain of C$28.09. Investment-grade gold (99.5%+ purity) remains GST/HST-exempt in Ontario.

DAILY PRICES — MAY 2020

DateClose (CAD)Change
May 1, 2020C$2,364.32+27.61
May 4, 2020C$2,412.70+48.38
May 5, 2020C$2,400.43-12.27
May 6, 2020C$2,364.99-35.44
May 7, 2020C$2,438.57+73.58
May 8, 2020C$2,388.64-49.93
May 11, 2020C$2,360.55-28.09
May 12, 2020C$2,389.23+28.68
May 13, 2020C$2,413.33+24.10
May 14, 2020C$2,448.81+35.48
May 15, 2020C$2,460.55+11.74
May 18, 2020C$2,440.28-20.27
May 19, 2020C$2,431.24-9.04
May 20, 2020C$2,439.99+8.75
May 21, 2020C$2,392.27-47.72
May 22, 2020C$2,419.25+26.98
May 26, 2020C$2,381.91-37.34
May 27, 2020C$2,357.22-24.69
May 28, 2020C$2,356.61-0.61
May 29, 2020C$2,392.41+35.80

📊 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$2,402.67
Per GramC$77.25
Per KilogramC$77,247.52
Per Pennyweight (1.555g)C$120.13
Per Tola (11.66g)C$901.00

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