RBC: Gold Price Rally Bolsters Canadian Exports Despite U.S. Tariffs

RBC Economics reports that a sustained global gold price rally is materially boosting the nominal value of Canada’s gold exports and helping stabilize the Canadian dollar amid oil-price volatility. Nominal exports fell only 0.8% year-over-year in 2025 while price-adjusted merchandise exports declined about 2%, as stronger non-U.S. demand and higher gold revenues offset weaker shipments to the United States. The surge, driven by safe-haven flows, geopolitical risks and looser monetary policy expectations, has directly supported miners, logistics firms and the broader trade balance, though RBC cautions that any sharp reversal in gold prices would quickly erode these gains.