Home›Provinces›Ontario›May 2024

GOLD PRICE IN ONTARIO — MAY 2024

C$3,212.87 avg/oz

During May 2024, gold dealers serving Ontario based pricing on CAD spot prices ranging from C$3,141.86 to C$3,312.03 per ounce, with a monthly average of C$3,212.87. The month opened at C$3,168.57 and closed at C$3,178.49, a gain of C$9.92. Investment-grade gold (99.5%+ purity) remains GST/HST-exempt in Ontario.

DAILY PRICES — MAY 2024

DateClose (CAD)Change
May 1, 2024C$3,168.57+36.98
May 2, 2024C$3,155.19-13.38
May 3, 2024C$3,141.86-13.33
May 6, 2024C$3,178.62+36.76
May 7, 2024C$3,165.09-13.53
May 8, 2024C$3,177.31+12.22
May 9, 2024C$3,201.32+24.01
May 10, 2024C$3,237.95+36.63
May 13, 2024C$3,195.08-42.87
May 14, 2024C$3,216.09+21.01
May 15, 2024C$3,261.24+45.15
May 16, 2024C$3,236.09-25.15
May 17, 2024C$3,284.11+48.02
May 20, 2024C$3,312.03+27.92
May 21, 2024C$3,298.60-13.43
May 22, 2024C$3,258.94-39.66
May 23, 2024C$3,196.38-62.56
May 24, 2024C$3,203.01+6.63
May 28, 2024C$3,209.88+6.87
May 29, 2024C$3,193.57-16.31
May 30, 2024C$3,213.76+20.19
May 31, 2024C$3,178.49-35.27

📊 Gold Market Analysis

The precious metals market in Canada is influenced by multiple factors including global supply and demand, mining production costs, central bank reserves management, and macroeconomic indicators such as GDP growth, unemployment rates, and consumer price inflation. The London Bullion Market Association (LBMA) sets the benchmark gold price twice daily through electronic auction. This price, quoted in USD, is then converted to CAD using the prevailing exchange rate. Canadian dealers like Kitco update their premiums every 10–30 seconds based on these spot movements.

❓ 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

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.

Tax-Efficient Gold Investing: Maximize TFSA contributions first — all gold gains are 100% tax-free. Then use RRSP for tax-deductible contributions where gains are tax-deferred. Keep non-registered gold purchases for emergency reserves, as the capital gains inclusion rate is 50%.

⚖️ Unit Conversions (CAD)

UnitPrice (CAD)
Per Troy Ounce (31.1g)C$3,212.87
Per GramC$103.30
Per KilogramC$103,296.02
Per Pennyweight (1.555g)C$160.64
Per Tola (11.66g)C$1,204.83

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