Gold Falls Below $3,950 as Safe-Haven Demand Declines
Gold prices recorded a significant decline during Tuesday’s trading, hitting their lowest level in more than three weeks amid weakening demand for safe-haven assets, …
Canadians were hit with unexpected news late Thursday when the Canadian Union of Postal Workers (CUPW) declared a nationwide strike.
The announcement came only hours after Ottawa unveiled major reforms to Canada Post, which include eliminating home delivery and closing several rural branches.
The corporation is facing deep financial struggles, reporting a $448 million loss in the first half of 2025 after losing $30 million in the same period last year. According to Public Works and Procurement Minister Joël Lightbound, Canada Post is burning through about $10 million every day, despite a $1-billion cash injection earlier this year.
While the Crown corporation welcomed the reforms, CUPW denounced them as an attack on postal services and immediately instructed its 55,000 members to walk off the job.
This isn’t the first disruption. Last year’s holiday strike stretched for 32 days, leaving millions of parcels and letters stuck in limbo before the government ordered employees back to work. Since May, workers have also been staging smaller protest actions such as limiting overtime.
Union negotiator Jim Gallant said picket lines were already forming Thursday and warned that the strike would escalate nationwide by Friday. Canada Post, meanwhile, expressed disappointment, warning the walkout would further worsen its fragile financial position.
At the core of the dispute are stalled contract talks. Postal workers have been without a collective agreement for nearly two years, clashing with the government over wages and part-time staffing. Earlier this month, CUPW rejected a proposed 13% pay raise, insisting on 19%. The union said it was open to adding weekend delivery and more part-time positions but claimed Canada Post abandoned negotiations.
During the strike, no new mail will be accepted or delivered, and service guarantees have been suspended. After last year’s work stoppage, backlogs ran into the millions — a scenario Canadians may now face again.
Gold prices recorded a significant decline during Tuesday’s trading, hitting their lowest level in more than three weeks amid weakening demand for safe-haven assets, …
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