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TSX Holds Near Records, Gold Tops $4,700 as Markets Brace for Iran Sanctions and Jackson Hole

  Monday, August 24, 2026 Canadian and global markets opened a data-heavy week cautiously, with the TSX sitting just off record territory, gold pushing toward US$4,700/oz, and the loonie near three-month highs — all while investors wait on a U.S. announcement of new Iran sanctions and the Fed's Jackson Hole symposium later this week. Canadian Markets The S&P/TSX Composite closed Friday at 36,620.23, up 254.81 points or 0.70%, as a mining and gold-stock rally offset earlier weakness — though the index still finished the week down roughly 0.3% overall. Gains were led by gold miners (Agnico Eagle, Barrick, Wheaton Precious Metals all higher) after the U.S. Treasury signalled it would boost long-bond buybacks, pulling yields lower. Financials also firmed as softer retail sales data reinforced bets that the Bank of Canada will hold rates again at its September 2 decision. Index Close (Fri) Change S&P/TSX Composite 36,620.23 +254.81 (+0.70%) The bigger Canadian story this week is...
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Ontario to Implement 25% Energy Surcharge on U.S. Amid Trade Tensions


Ontario Premier Doug Ford has announced that the province will impose a 25% surcharge on electricity exports to the United States starting Monday. This move comes as a response to U.S. President Donald Trump's recent tariffs on Canadian goods, despite a 30-day pause on tariffs for certain sectors.

The surcharge will affect electricity supplied to three U.S. states—New York, Michigan, and Minnesota—impacting approximately 1.5 million homes and businesses. Premier Ford emphasized that this decision was not taken lightly but is necessary to counteract the economic strain caused by the U.S. tariffs. He also hinted at the possibility of further measures, including restricting electricity exports entirely if the tariffs persist.

The trade dispute has escalated tensions between the two nations, with Canada also implementing retaliatory tariffs on American products. Both Ford and Prime Minister Justin Trudeau have expressed their commitment to defending Canadian interests while urging the U.S. to reconsider its stance.

The surcharge highlights the growing economic and political challenges in the cross-border relationship, as both sides navigate the complexities of trade and energy policies.

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