Gold’s Record-Breaking Year in Canada

2025 was a standout year for gold, delivering its largest calendar-year price gain in decades. This exceptional rally had a profound impact on Canada’s equity market, with gold-related stocks contributing 9.9 percentage points to the Morningstar Canada Index’s impressive 32.3% annual return.  

Gold’s rally exposed how market structure can dominate returns, how style and process shape outcomes, and how investor behavior often remains more disciplined than headlines suggest. Download the report for the full analysis