Gold

What moves it

• Real yields, inversely — gold pays no coupon, so it competes with inflation-protected bonds.
• The United States dollar, inversely, since gold is quoted in dollars.
• Central-bank buying, which has become a structural source of demand rather than a swing factor.

The Canadian angle

Gold is the single most important price to Canadian materials earnings. Most of the world's large gold producers are Canadian-domiciled and TSX-listed, and Canadian producers report in United States dollars while paying many costs in Canadian dollars — a weaker loonie widens margins at an unchanged gold price.