FX.co ★ TSX Futures Rise as Gold Rally Lifts Miners

On Monday, the futures associated with the S&P/TSX Composite Index experienced an uptick, primarily bolstered by a rise in mining stocks as gold prices surged. This increase helped to counterbalance the uncertainty provoked by US President Donald Trump's threat to impose 100% tariffs on Canadian goods. Gold prices rose nearly 2%, briefly exceeding $5,100 per ounce, benefiting major mining companies like Barrick and Wheaton Precious Metals. The demand for gold, a traditional safe-haven asset, strengthened due to elevated geopolitical tensions, ongoing friction between the United States and NATO concerning Greenland, and persistent questions about the Federal Reserve's independence. Additionally, trade-related worries affected market sentiment, owing to Trump's weekend announcement regarding potential 100% tariffs on Canada if it concludes a trade agreement with China. In contrast, a sharp decline in oil prices exerted pressure on Canadian energy producers.