Gold rate today in Toronto (CAD)

Toronto gold rate at a glance

Converted at today's rates, pure 24k gold costs about 180.46 CAD per gram in Toronto, and 22k about 165.42 CAD. Per 10 grams, a common size for small bars and rate boards, that is about 1,804.56 CAD for 24k. These are spot-based figures, before any tax, premium or making charge. Toronto is the world's leading centre for raising money for mining companies, so gold-mining news and the gold price are followed closely on Bay Street.

What moves the gold price in Toronto

The Canadian dollar gold price is simply the dollar price of gold multiplied by the exchange rate. Today that means about $4,007.9 per ounce times 1.4004 CAD per dollar. The Canadian dollar is a commodity currency that often moves with oil and with US interest-rate expectations. A weaker loonie lifts the Canadian gold price even when gold is flat in New York.

The dollar price itself responds to US interest-rate expectations, the strength of the dollar, inflation data, central-bank buying and geopolitical risk. Our guide to what moves gold prices covers each in turn.

Premiums, making charges and tax in Toronto

The shelf price in Toronto is higher than the converted figure above. A shop adds the dealer's premium, GST/HST and provincial sales tax on jewellery (gold bullion of 99.5% purity or more is GST/HST-exempt) and the retailer's markup. On jewellery, making charges are built into the retail price of jewellery, so two pieces of the same weight and purity can carry very different prices. Jewellery is mostly 10k, 14k and 18k; the Royal Canadian Mint's Maple Leaf coins are 24k (9999 fine).

Where gold is bought in Toronto

Jewellers downtown and in the malls, South Asian jewellers in Gerrard India Bazaar and Brampton, and bullion dealers and banks selling Maple Leafs are the main places to buy. When comparing shops, ask for the gold rate per gram, the purity, the making charge and the buy-back price separately; that is the only way to see which offer is really cheaper.

Buying seasons in Toronto

Christmas, Diwali, Lunar New Year and the wedding season are the busiest periods. Across Canada, demand is strongest around Christmas, Valentine's Day, the wedding season, Diwali and Lunar New Year. Seasonal demand tends to show up in shop premiums, promotions and queues rather than in the international price, which is set by global flows. Knowing the calendar helps explain why a local quote can look expensive or cheap against this page in a given week.

Gold market hours in Toronto

The international gold market trades almost around the clock on weekdays. In Toronto the London–New York overlap, usually the busiest and most volatile part of the day, runs today from about 08:00–12:00 local time. The two LBMA Gold Price auctions in London, at 10:30 and 15:00 London time, fall at 05:30 and 10:00 in Toronto, and major US data released at 08:30 New York time, such as payrolls and inflation, lands at 08:30 local time. The week's trading closes at 17:00 on Friday and reopens at 18:00 on Sunday, Toronto time; over the weekend the price on this page is the last close. The Toronto Stock Exchange lists more mining companies than any other exchange, so Canada watches gold closely. Our gold market hours tool shows the sessions in any time zone.

Toronto compared with New York

Shoppers often ask how New York stacks up. On the converted spot price neither city is cheaper: New York quotes about 128.86 USD per gram of 24k, which is the same $128.86 per gram as Toronto's 180.46 CAD. What differs is what each market adds. In Toronto that is the dealer's premium, GST/HST and provincial sales tax on jewellery (gold bullion of 99.5% purity or more is GST/HST-exempt) and the retailer's markup; in New York it is the dealer's premium over spot, state or local sales tax where it applies (many states exempt investment bullion) and, on jewellery, the retailer's markup. Buying abroad also means paying an exchange margin and checking the customs allowance at home.

How this CAD gold price is calculated

Three numbers decide everything on this page. First, the international gold price in US dollars per troy ounce: $4,007.9 at the last update. Second, the exchange rate: 1 USD = 1.4004 CAD. Third, the weight: one troy ounce is 31.1035 grams, and one tola is 11.6638 grams.

1. Price per gram in USD = $4,007.9 ÷ 31.1035 = $128.86.
2. Price per gram in CAD = $128.86 × 1.4004 = 180.46 CAD (24k, pure gold).
3. Price per 10 grams = 180.46 × 10 = 1,804.56 CAD.
4. For a lower purity, multiply by the fineness: 22k = 0.9167, 21k = 0.875, 18k = 0.750.

The gold price comes from COMEX gold futures, which track spot XAUUSD closely but are not identical to it. The exchange rate is a mid-market rate; the rate your bank or money changer gives you will be slightly different. If you want to do the maths yourself, our guide to converting the gold price per gram, tola and kilo walks through every step with worked examples.

What this price does not include

The figures above are the international spot price converted into local currency. They are the starting point for every retail price in Toronto, but they are not the price you will pay or receive at a shop. The retail or "jeweller" price adds some or all of these on top:

• Import duty or customs charges, where the country imports most of its gold.
• Sales tax, GST or VAT, which may apply to jewellery, to bars and coins, or to both, depending on local law.
• Dealer premium: the margin a bullion dealer or bank adds to the spot price for bars and coins, usually larger on small pieces.
• Making charges (labour) on jewellery, often a percentage of the gold value or a fixed amount per gram.
• Local supply and demand, which can push the physical price to a premium or a discount against the international price for weeks at a time.

When you sell, the buyer usually quotes below the spot-based number and deducts for purity testing, wear and sometimes stones. The gap between the buying and the selling price is the real cost of owning physical gold, and it varies a lot between shops, so it is worth asking several.

Frequently asked questions