Gold fell to its lowest level in six weeks on September 21, 2026, with the decline accelerating after the US Federal Reserve raised rates on September 16. Higher real yields increase the cost of holding an asset that pays no income, and that effect is currently outweighing safe-haven demand tied to the ongoing Middle East conflict. Large Canadian gold producers such as Agnico Eagle and Barrick are the TSX-listed companies most exposed to a sustained pullback.
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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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August 31, 2026
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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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The climb was gradual for most of September, with the largest one-day jump coming late in the period.
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