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GOLD PRICE IN PRINCE EDWARD ISLAND — FEBRUARY 2004

C$536.82 avg/oz

During February 2004, gold dealers serving Prince Edward Island based pricing on CAD spot prices ranging from C$528.63 to C$545.63 per ounce, with a monthly average of C$536.82. The month opened at C$532.78 and closed at C$529.08, a loss of C$3.70. Investment-grade gold (99.5%+ purity) remains GST/HST-exempt in Prince Edward Island.

DAILY PRICES — FEBRUARY 2004

DateClose (CAD)Change
February 2, 2004C$532.78+0.39
February 3, 2004C$533.13+0.35
February 4, 2004C$534.73+1.60
February 5, 2004C$532.54-2.19
February 6, 2004C$533.07+0.53
February 9, 2004C$540.23+7.16
February 10, 2004C$540.88+0.65
February 11, 2004C$539.21-1.67
February 12, 2004C$545.63+6.42
February 13, 2004C$542.13-3.50
February 17, 2004C$545.04+2.91
February 18, 2004C$545.43+0.39
February 19, 2004C$544.21-1.22
February 20, 2004C$531.06-13.15
February 23, 2004C$532.70+1.64
February 24, 2004C$537.42+4.72
February 25, 2004C$528.63-8.79
February 26, 2004C$531.76+3.13
February 27, 2004C$529.08-2.68

📊 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

Dollar-Cost Averaging (DCA): Buy a fixed CAD amount of gold each month — say C$500. This strategy reduces the impact of short-term volatility and removes the stress of timing the market. Over 10+ years, DCA has historically produced returns close to the annual average gold price.

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.

⚖️ Unit Conversions (CAD)

UnitPrice (CAD)
Per Troy Ounce (31.1g)C$536.82
Per GramC$17.26
Per KilogramC$17,259.14
Per Pennyweight (1.555g)C$26.84
Per Tola (11.66g)C$201.31

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