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.
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The climb was gradual for most of September, with the largest one-day jump coming late in the period.
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Brent crude jumped on September 23, 2026, yet the Canadian dollar weakened for a third session as rising US rate expectations outweighed oil.
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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.
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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.
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Gold rallied and gold miner shares carried the TSX higher, while Brent ended the month close to where it began.
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Gold miners did most of the lifting as the index set eight record closes during the month, the last on August 25.
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