Canada Bullion Brief: Rates, the Dollar and Local Gold Prices

Gold Stock Corp market note · September 25, 2026 For Canadian bullion buyers, the local price of gold and silver has two moving parts: the metal's international spot price and the Canadian dollar's exchange rate. A change in either can move a CAD quote. A finished bar or coin also carries a product premium, so its retail price can differ from the spot indication. Two policy decisions to watch The Bank of Canada held its overnight rate at 2.25% on September 2. Its subsequent summary of deliberations described increased uncertainty around trade, energy costs and inflation. On September 16, the U.S. Federal Reserve raised its target range by a quarter point to 3.75%–4.00%. These decisions may influence bond yields and currencies, which in turn can affect precious-metals pricing. They do not determine a metal's next move on their own. What a Canadian quote actually includes When comparing a gold bar, silver coin or refining settlement, check the timestamp, currency, weight and pricing basis. Spot gold is commonly quoted per troy ounce in U.S. dollars. To discuss a Canadian retail product, that indication must be converted into CAD, adjusted for the product's weight and combined with the applicable premium or buying spread. A one-kilogram indication should use the correct troy-ounce conversion rather than treating a kilogram as 32 ordinary ounces. Product availability, maker, fabrication and transaction terms also matter. A Canadian Maple Leaf coin and a cast bar of the same metal weight may have different premiums. If you are selling material for refining, assay, payable content and agreed charges become part of the settlement calculation. At the desk this week Watch the CAD/USD exchange rate alongside live gold and silver prices. Compare the live price indications with the specific product or refining quote, and confirm the final terms with our team before trading. This is market commentary for general information, not a price forecast or individualized investment advice. Sources: Bank of Canada policy announcement; Bank of Canada deliberations; Federal Reserve statement.