Gold fell even as an escalating Hormuz conflict intensified Tuesday, evidence that rising bond yields, not war headlines, are what is setting the tone across markets today. The TSX and Dow both declined alongside gold, while the Canadian dollar strengthened on the back of crude's climb past $92 a barrel, an oil-driven offset working in the opposite direction from the broader risk-off mood. Six markets split into three distinct camps: oil and the loonie higher, equities and gold lower, and Canadian bond yields breaking out of a summer-long range.
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