Historically, Gold has been seen as one of the most sought-after precious metals, and this is for many reasons. Its natural characteristics prevent tarnishing, make it considerably malleable, and make it great for conductivity. This precious metal is set apart from other metals such as Copper, Iron, and Silver due to its natural properties and its natural beauty. Moreover, its desirability paired alongside its rarity, resulted in the spot price of gold becoming considerably higher compared to other metals. The spot prices are the source that tells us how much an ounce of Gold is worth along with prices for metals such as Silver and Platinum. A gold spot price is in reference to a commodity that is being traded and its trade price at that very moment. In Canada the denomination for trading gold is XAU CAD.
Historically, this precious metal has shown highly volatile moments and also moments of little movement. The gold rate in Canada naturally undergoes change, with economic data and geopolitical news playing a role in that change. Building a reputation of a solid addition to one’s investment portfolio, gold has proven its reliability and stability. Based on past events, we see patterns of buyers rushing towards safe-haven metals when faith in economies and governments waiver. COVID-19 had an immense impact on the global economy creating a great amount of uncertainty about the future. This uncertainty along with receding economies pushed Gold and Silver prices to set records. As safe-haven metals are hedges against inflation, the gold rate usually mirrors currencies like the U.S Dollar. Therefore, when currencies lose value, one will likely see the spot price increase. We have seen this when comparing XAU CAD trading.
If you’d like to confirm the spot price in CAD or USD, visit our Live Metal Prices page! If you have any further questions about our services, premiums, or anything else, feel free to reach out to us. Contact us via email, social media, live chat, or call us! +1 604-498-5001