The Canadian Index

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Line chart of WTI crude and gold futures rebased to 100 on August 28, 2026, with oil rising and gold falling.

Gold is normally bought when geopolitical risk rises, but it pays no interest and competes with government bond yields. With Treasury yields at multi-year highs, gold fell on the same Hormuz news that lifted oil, and the two assets have diverged over the month. That suggests interest rates, not conflict risk, are currently the dominant influence on gold.

This chart is presented for general informational purposes only and does not constitute financial, investment, tax, or legal advice. Figures reflect the source and period indicated and may no longer be current.

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Line chart of the US 10-year Treasury yield, August 27 to September 25, 2026, rising from about 4.7% to above 5.1%.

The climb was gradual for most of September, with the largest one-day jump coming late in the period.

US 10-Year Treasury Yield Rises Steadily Through September

September 28, 2026

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Bar chart of percentage moves in crude oil, gold, silver, TSX sectors and the Canadian dollar on September 23, 2026.

Brent crude jumped on September 23, 2026, yet the Canadian dollar weakened for a third session as rising US rate expectations outweighed oil.

Brent Jumps While the Canadian Dollar and TSX Fall in the September 23 Session

September 23, 2026

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Line chart of S&P/TSX Composite daily closes from August 20 to September 23, 2026, ending with a sharp drop.

The S&P/TSX Composite fell on September 23, 2026, even as crude oil rallied, because losses in gold miners outweighed modest gains in energy stocks.

TSX Composite Falls Despite an Oil Rally as Gold Stocks Slide

September 23, 2026

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Line chart of Government of Canada 2-year, 5-year and 10-year benchmark yields through August 2026, with a shaded span at the August 21 peak.

Canadian yields drifted higher through August even though the Bank of Canada held its policy rate at 2.25% and had no decision to make during the month.

Government of Canada Benchmark Yields, August 2026

August 31, 2026

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Line chart of gold futures, the S&P/TSX Composite and Brent crude, each rebased to 100 at the July 31 close.

Gold rallied and gold miner shares carried the TSX higher, while Brent ended the month close to where it began.

Gold, TSX and Brent Rebased to the July 31 Close

August 31, 2026

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Line chart of the S&P/TSX Composite daily close through August 2026, with a shaded span marking five straight record closes.

Gold miners did most of the lifting as the index set eight record closes during the month, the last on August 25.

S&P/TSX Composite Daily Close Through August 2026

August 31, 2026

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