The Canadian Index

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Line chart showing gold prices holding near $4,020 despite an overnight missile attack on US forces.

Iran's overnight missile attack on US forces sent oil prices sharply higher, yet gold barely moved from its prior close. Economist Richard Thaler's concept of mental accounting helps explain the split: investors are pricing the war and the Federal Reserve's rate decision as separate risks rather than one combined threat. Gold's muted reaction reflects a market currently treating Wednesday's Fed outcome, not five months of conflict, as the reference point that matters most for the metal.

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 comparing indexed percentage changes in WTI crude oil and gold prices from July 8 to July 28, 2026.

Oil and gold moved together again on Tuesday, ending a brief decoupling in which gold had risen even as oil fell 8.7% the day before.

Oil and Gold Fell Together Today. The Disposition Effect Explains Why Clients Are Still Holding Both.

July 28, 2026

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Line chart showing the VIX volatility index holding a narrow range through late August 2026 despite trade war headlines.

The VIX has held a narrow range for most of August even as Ottawa confirmed C$27.6 billion in retaliatory tariffs and Washington unveiled a sweeping new Iran sanctions campaign.

The VIX Has Not Moved in Three Weeks. That Is Not the Same as Markets Judging the Trade War Small.

August 26, 2026

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Line chart comparing indexed gold and Brent crude prices as the two assets diverge then reverse in early August 2026.

Gold rose 7.2% last week to a record close near $4,400 while Brent crude fell 7.3% as traders bet a Hormuz shipping deal was close.

Gold's Record Week Made the Story Feel Settled. Monday Already Disagrees.

August 10, 2026

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Line chart showing the spot price of gold falling 2.07 percent on July 24, 2026 as oil prices surged.

Gold's drop came even as Brent crude crossed $100 a barrel for the first time since May, after Houthi forces struck two Saudi oil tankers in the Red Sea.

Record High, Sharp Reversal: A Lesson in Loss Aversion

July 24, 2026

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Line chart showing the TSX Composite rebounding 1.17 percent Tuesday after Monday's steepest one-day decline in over a week.

The TSX Composite closed up 1.17% Tuesday, rebounding from Monday's 0.86% drop, the index's first close below 35,000 in eight sessions.

The Monday Sell, the Tuesday Miss

July 22, 2026

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Line chart comparing WTI crude oil and gold spot prices from June 22 to July 20, 2026.

WTI crude has climbed 2.1% to $83.48 as the conflict's confirmed U.S.

Oil Spiked Past $85 as the War's U.S. Death Toll Hit 17. It Gave Back Most of the Move by Noon.

July 20, 2026

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