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GOLD PRICE IN QUEBEC — AUGUST 2002

C$418.70 avg/oz

During August 2002, gold dealers serving Quebec based pricing on CAD spot prices ranging from C$410.40 to C$424.30 per ounce, with a monthly average of C$418.70. The month opened at C$410.40 and closed at C$421.74, a gain of C$11.34. Investment-grade gold (99.5%+ purity) remains GST/HST-exempt in Quebec.

DAILY PRICES — AUGUST 2002

DateClose (CAD)Change
August 1, 2002C$410.40+1.08
August 2, 2002C$414.45+4.05
August 5, 2002C$415.53+1.08
August 6, 2002C$412.43-3.10
August 7, 2002C$424.30+11.87
August 8, 2002C$419.04-5.26
August 9, 2002C$424.17+5.13
August 12, 2002C$424.04-0.13
August 13, 2002C$424.17+0.13
August 14, 2002C$420.93-3.24
August 15, 2002C$424.30+3.37
August 16, 2002C$423.50-0.80
August 19, 2002C$413.10-10.40
August 20, 2002C$416.75+3.65
August 21, 2002C$415.26-1.49
August 22, 2002C$413.91-1.35
August 23, 2002C$414.05+0.14
August 26, 2002C$417.69+3.64
August 27, 2002C$421.60+3.91
August 28, 2002C$417.69-3.91
August 29, 2002C$422.41+4.72
August 30, 2002C$421.74-0.67

📊 Gold Market Analysis

Gold has historically served as an effective hedge against inflation and currency depreciation in Canada. Central bank policies, including the Bank of Canada's interest rate decisions, directly influence the attractiveness of gold relative to fixed-income investments. The Canadian Dollar (CAD) is strongly correlated with crude oil prices due to Canada's status as a major oil exporter. When oil prices fall, the CAD typically weakens, causing gold priced in CAD to rise even if USD gold is flat. This commodity currency dynamic makes gold an effective diversifier in Canadian portfolios.

❓ Frequently Asked Questions

❓ 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.

❓ Where can I buy gold in my province?

Most Canadians buy gold online from national dealers (Kitco, Sprott Money, SilverGoldBull) with insured shipping to any province. Some metropolitan areas have local coin shops. The Royal Canadian Mint operates a retail store in Ottawa, Ontario.

❓ 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.

💡 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$418.70
Per GramC$13.46
Per KilogramC$13,461.50
Per Pennyweight (1.555g)C$20.93
Per Tola (11.66g)C$157.01

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