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GOLD PRICE IN ONTARIO — JANUARY 2024

C$2,720.15 avg/oz

During January 2024, gold dealers serving Ontario based pricing on CAD spot prices ranging from C$2,694.83 to C$2,745.20 per ounce, with a monthly average of C$2,720.15. The month opened at C$2,733.68 and closed at C$2,745.20, a gain of C$11.52. Investment-grade gold (99.5%+ purity) remains GST/HST-exempt in Ontario.

DAILY PRICES — JANUARY 2024

DateClose (CAD)Change
January 2, 2024C$2,733.68+5.21
January 3, 2024C$2,709.96-23.72
January 4, 2024C$2,726.00+16.04
January 5, 2024C$2,727.63+1.63
January 8, 2024C$2,707.50-20.13
January 9, 2024C$2,705.04-2.46
January 10, 2024C$2,706.89+1.85
January 11, 2024C$2,694.83-12.06
January 12, 2024C$2,738.46+43.63
January 16, 2024C$2,722.09-16.37
January 17, 2024C$2,701.51-20.58
January 18, 2024C$2,725.68+24.17
January 19, 2024C$2,732.98+7.30
January 22, 2024C$2,712.91-20.07
January 23, 2024C$2,727.52+14.61
January 24, 2024C$2,709.90-17.62
January 25, 2024C$2,727.94+18.04
January 26, 2024C$2,718.18-9.76
January 29, 2024C$2,724.70+6.52
January 30, 2024C$2,724.53-0.17
January 31, 2024C$2,745.20+20.67

📊 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$2,720.15
Per GramC$87.45
Per KilogramC$87,454.73
Per Pennyweight (1.555g)C$136.01
Per Tola (11.66g)C$1,020.06

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