Gold has always been considered a safe haven during times of uncertainty, and 2024 has been no exception. With gold spot prices surging roughly 30% this year and reaching all-time highs, the precious metal is once again proving its value as a reliable hedge against inflation, economic volatility, and geopolitical unrest.

While many bears in history have questioned the sustainability of gold's rallies, the yellow metal has consistently demonstrated its long-term value during periods of uncertainty, and it has maintained its role as a reliable hedge. If you want to benefit from the ongoing record-setting rally in gold prices, here are two of the best Canadian gold stocks to consider investing $1,000 in today.

Torex Gold stock

Torex Gold Resources (TSX:TXG) is a Toronto-based intermediate gold producer with a market cap of $2.5 billion as its stock trades at $28.67 per share after rocketing by 96% so far in 2024. The company generates revenue by extracting and selling gold, along with smaller amounts of silver and copper as by-products. One of its primary assets is the El Limón-Guajes Mining Complex in Mexico, which is a top-tier open-pit and underground gold mine.

Besides benefiting from climbing gold prices, Torex is also trying to establish itself as a top company in the intermediate gold production space. In the third quarter of 2024, the gold miner posted a record quarterly revenue of US$313.7 million with the help of record gold prices averaging at US$2,313 per ounce. Similarly, its all-in-sustaining costs (AISC) of US$1,101 per ounce help the company achieve a robust AISC margin of 52%. Torex's strong operational performance encouraged the management to raise its 2024 production guidance range to 450,000 to 470,000 ounces.

A major factor setting Torex Gold apart from most other mining firms is its ambitious Media Luna Project. The project is nearly 87% complete, with underground development remaining ahead of schedule. This project is likely to increase its production capacity in the years to come and accelerate its financial growth trends, which could help TXG stock continue outperforming the broader market.

Lundin Gold stock

Currently trading with solid 89% year-to-date gains, Lundin Gold (TSX:LUG) could be another excellent stock for investors seeking to invest $1,000 in the gold sector right now. LUG stock currently trades at $31.26 per share with a market cap of $7.5 billion and also offers a 2.7% annualized dividend yield at this market price. This Vancouver-based firm mainly focuses on operating the high-grade Fruta del Norte gold mine in Ecuador.

With surging gold prices, Lundin Gold's financial growth has remained impressive so far in 2024. Just like Torex, Lundin Gold also achieved record revenue of US$323 million in the quarter ended in September. During the quarter, LUG sold 125,887 ounces of gold at an average realized price of US$2,615 per ounce, reflecting a premium compared to the market average. This strong pricing environment, coupled with Lundin's cost-efficient operations, resulted in an AISC of just US$877 per ounce.

As Lundin Gold continues to deliver exceptional financial results with strong profitability, this top Canadian gold stock has the potential to maintain strong momentum in the coming years.