FX.co ★ TSX Pushes New Highs on Mining Strength

The S&P/TSX Composite Index experienced a rise of approximately 0.4% on Monday, surpassing the 33,250 mark for the first time. This uptick was mainly attributed to the strength in mining stocks, which benefitted from an increase in gold prices. Shares of companies like Agnico Eagle, Barrick, Wheaton Precious Metals, and Franco-Nevada saw gains ranging from 1.8% to 3.9%. This was in response to spot gold temporarily exceeding $5,100 per ounce and closing nearly 2% higher, bolstered by safe-haven investments amid geopolitical tensions concerning Greenland and ongoing uncertainties regarding the Federal Reserve's autonomy. Despite these gains, trade risks remained a concern following President Donald Trump's threat to impose a 100% tariff on Canada if it proceeded with a trade agreement with China. Additionally, a significant decline in oil prices negatively impacted Canadian energy producers, thereby limiting the overall market increase.