⬡ Gold Markets
Gold hit a fresh record high on April 13, 2026, trading near $4,743–$4,750/oz as Asian markets opened, extending a three-week winning streak. Key drivers include persistent safe-haven demand amid U.S.-Iran tensions and tariff uncertainty, a softening U.S. dollar, falling real yields, and continued central bank accumulation. J.P. Morgan forecasts gold averaging $5,055/oz by Q4 2026, with UBS projecting a further 20% rise from current levels.
Gold surged to a fresh record high on April 13, 2026, as Asian markets opened, with buying momentum carrying over from last week's gains. The metal is trading in the $4,701–$4,822 range.
Gold jumped 2% on April 7 following a U.S.-Iran ceasefire deal, but pared some gains as weekend talks collapsed and U.S. plans to blockade the Strait of Hormuz heightened energy crisis fears.
Gold rallied on April 10 after March CPI came in at 0.9%, below consensus, reinforcing expectations for Fed easing and boosting the case for non-yielding assets.
North America posted the largest monthly gold ETF outflow on record in March 2026 — ending a nine-month inflow streak — while Asian and European inflows provided an offsetting cushion in Q1.
J.P. Morgan projects gold will reach $6,300/oz by end-2026 on sustained central bank demand averaging 585 tonnes/quarter and continued de-dollarisation. UBS also forecasts a 20%+ rise from current levels.
◈ Iran Situation
US-Iran peace talks in Islamabad collapsed on April 12 after 21 hours of negotiations, with Washington and Tehran failing to bridge gaps over nuclear weapons commitments and the scope of the regional ceasefire. Following the breakdown, President Trump announced an immediate US Navy blockade of the Strait of Hormuz, while Iranian authorities publicly defied the ultimatum and urged domestic supporters into the streets. The two-week ceasefire brokered by Pakistan on April 7 is now under severe strain.
US Vice President JD Vance confirmed Iran refused Washington's core demand — a firm commitment not to develop nuclear weapons. Iranian parliament speaker Ghalibaf said the US delegation 'failed to gain the trust of the Iranian delegation in this round.'
Following the breakdown of Islamabad talks, Trump announced the US Navy will blockade the Strait of Hormuz, accusing Iran of 'extortion' over its demands for reparations and regional ceasefire terms including Lebanon.
Iranian officials urged supporters into the streets on April 12, with an IRGC aerospace division commander stating: 'If the enemy does not understand, we will make them understand.' Judiciary chief Mohseni-Ejei praised the Islamabad delegation for guarding Iran's rights.
Iran is demanding a region-wide ceasefire including Lebanon, war reparations, and sanctions relief. The US and Israel reject including Lebanon in the ceasefire framework, with Israel continuing its offensive against Hezbollah.
Pakistani Foreign Minister Ishaq Dar, whose government brokered the April 7 ceasefire, issued a formal statement urging the US and Iran to 'continue with a positive spirit to achieve durable peace and prosperity for the entire region and beyond.'
◇ Canadian Defence
Canada has met NATO's 2% GDP defence spending benchmark ahead of schedule, buoyed by a $9.3-billion surge and accounting adjustments, while Prime Minister Carney's government has committed $35 billion toward northern defence and infrastructure as part of an $81.8 billion multi-year reinvestment in the CAF. Arctic sovereignty operations are intensifying in 2026 with new northern basing infrastructure, two new operational support hubs, and enhanced satellite communications procurement for polar regions. Separately, the CAF Cyber Command has formally launched and personnel conduct issues have resulted in charges under the National Defence Act.
Canada has achieved the NATO 2% of GDP defence spending benchmark, years ahead of prior projections, driven by a $9.3-billion spending surge and internal accounting changes. Officials say Canada is now on a path toward a 5% target by 2035.
Prime Minister Carney announced a $35-billion plan for northern defence and civilian infrastructure, including Arctic runway upgrades, new operational support hubs in Whitehorse and Resolute, and nodes in Cambridge Bay and Rankin Inlet.
The Minister of National Defence announced the largest defence investment in Newfoundland and Labrador's history, with 5 Wing Goose Bay earmarked for up to $8 billion in NORAD northern basing infrastructure upgrades.
CAFCYBERCOM formally launched its Command badge, marking a milestone in its evolution as Canada's military authority for cyber operations protecting NORAD warning systems, Arctic sovereignty assets, and deployed platforms.
The Canadian Army is accelerating timelines for new armoured vehicle procurement and reassessing the role of tanks following lessons from Ukraine's drone-dominated battlefield, with faster acquisition options under active consideration.