Home›Provinces›Yukon›May 2004

GOLD PRICE IN YUKON — MAY 2004

C$528.71 avg/oz

During May 2004, gold dealers serving Yukon based pricing on CAD spot prices ranging from C$517.80 to C$540.02 per ounce, with a monthly average of C$528.71. The month opened at C$531.16 and closed at C$536.75, a gain of C$5.59. Investment-grade gold (99.5%+ purity) remains GST/HST-exempt in Yukon.

DAILY PRICES — MAY 2004

DateClose (CAD)Change
May 3, 2004C$531.16+0.66
May 4, 2004C$536.73+5.57
May 5, 2004C$540.02+3.29
May 6, 2004C$534.20-5.82
May 7, 2004C$523.97-10.23
May 10, 2004C$526.40+2.43
May 11, 2004C$522.61-3.79
May 12, 2004C$523.49+0.88
May 13, 2004C$522.28-1.21
May 14, 2004C$523.13+0.85
May 17, 2004C$529.71+6.58
May 18, 2004C$522.66-7.05
May 19, 2004C$526.95+4.29
May 20, 2004C$517.80-9.15
May 21, 2004C$527.60+9.80
May 24, 2004C$528.50+0.90
May 25, 2004C$532.28+3.78
May 26, 2004C$532.09-0.19
May 27, 2004C$535.84+3.75
May 28, 2004C$536.75+0.91

📊 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$528.71
Per GramC$17.00
Per KilogramC$16,998.40
Per Pennyweight (1.555g)C$26.44
Per Tola (11.66g)C$198.27

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