⬡ Gold Markets
Gold spot price is trading around $4,750–$4,762/oz in mid-April 2026, near multi-month highs, supported by a weaker US dollar, escalating Middle East tensions following a fragile US-Iran ceasefire, and accelerating US CPI at 3.3% YoY driven by energy costs. April 11–12 are non-trading days for spot gold. Year-over-year gold is up approximately 47%, underpinned by strong central bank demand and surging ETF inflows.
Spot gold edged higher to around $4,750/oz as investors assessed risks from the unstable US-Iran ceasefire and broader Middle East conflict, while a softer dollar provided additional support.
A hotter-than-expected March CPI print, driven by energy cost spikes tied to Middle East supply disruptions, pushed gold sharply higher intraday. US consumer sentiment simultaneously fell to 47.6 with 1-year inflation expectations rising to 4.8%.
Net inflows into gold-backed ETFs surged to 78 tonnes in January–February 2026 vs. 45 tonnes in the same period of 2025. SPDR Gold Shares (GLD) holdings rose to 920 tonnes in March, up from 840 tonnes at end-2025, while iShares Gold Trust (IAU) recorded $2.8B in Q1 net inflows.
Analysts estimate central banks will purchase roughly 190 tonnes per quarter in 2026 as part of ongoing reserve diversification, building on 2025's 1,100-tonne purchase total — the third consecutive year above the 1,000-tonne threshold.
J.P. Morgan analysts point to a structural bull cycle in gold supported by central bank accumulation, geopolitical risk premiums, and continued de-dollarization trends, with a price target approaching $5,000/oz.
◈ Iran Situation
Trilateral US-Iran ceasefire talks opened in Islamabad, Pakistan on April 11, 2026 — the highest-level direct engagement between Washington and Tehran since 1979. The talks follow a Pakistan-brokered two-week ceasefire that halted over 40 days of US-Israeli military strikes on Iran, though the truce is under strain over disputed terms, particularly whether Lebanon is covered. US Vice President JD Vance leads the American delegation; Iran is represented by Foreign Minister Abbas Araghchi and parliament speaker Mohammad Bagher Ghalibaf.
Talks opened April 11 in Pakistan's capital, described as the highest-level direct US-Iran engagement since the 1979 Islamic Revolution. Pakistan's stated goal is a deal to keep negotiations going, not a final settlement.
US Vice President JD Vance arrived in Pakistan alongside special envoy Steve Witkoff and Jared Kushner. Iran's delegation includes Foreign Minister Abbas Araghchi and parliament speaker Mohammad Bagher Ghalibaf.
Pakistan asserts the two-week ceasefire extends across the wider region including Lebanon; Vance stated in Budapest that Lebanon falls outside the ceasefire's terms, leaving the scope unresolved as Israel's strikes on Lebanon continue.
Iran entered talks based on a 10-point proposal calling for Iranian oversight of the Strait of Hormuz, withdrawal of US combat forces from the Middle East, and a halt to operations against allied armed groups. Trump described the plan as 'workable.'
Ex-Iranian Foreign Minister Mohammad Javad Zarif published a roadmap in Foreign Affairs proposing Iran commit to never seeking nuclear weapons and blending its enriched uranium stockpile below 3.67 percent. Gulf states criticized the proposal for omitting Tehran's regional attacks.
◇ Canadian Defence
Canada has reached NATO's 2% GDP defence spending target ahead of schedule, while announcing major investments in Arctic sovereignty, base infrastructure, and military modernization. The CAF is expanding cyber command capabilities, reinforcing its NATO mission in Latvia through 2029, and rethinking armoured vehicle strategy in light of drone-dominated warfare lessons from Ukraine.
Canada has cleared NATO's 2% of GDP defence spending benchmark, ending years of criticism from allies. The milestone comes amid an $81.1 billion multi-year defence investment announced in Budget 2025.
Minister Thompson announced up to $8 billion in investments at 5 Wing Goose Bay as a key NORAD northern basing site, alongside over $1 billion at CFB Gagetown for new ground-based air defence systems and infrastructure.
Experts caution that Canada remains far behind in securing the Arctic against Russian and Chinese activity, even as the CAF launches Operation NANOOK-NUNALIVUT and aligns with NATO's enhanced ARCTIC SENTRY vigilance activity.
Canada's army is accelerating timelines for new armoured vehicles while reassessing the future role of its aging Leopard 2A4 tanks, which have faced parts shortages affecting the NATO Latvia brigade.
CAFCYBERCOM marked a command milestone with a new badge launch, as Canada invests in a $200-million spaceport near Canso, NS, and joins the NATO STARLIFT initiative to strengthen space and cyber defence capabilities.