On Friday, Canadian stocks experienced moderate declines after initially showing a lack of direction early in the trading session.
The benchmark S&P/TSX Composite Index closed down 77.01 points, or 0.3 percent, at 23,956.82 after fluctuating across the breakeven line during early trading.
The downturn in Canadian stocks may partially be attributed to profit-taking activities following the S&P/TSX Composite Index's record closing high on Thursday.
Significant weakness among gold stocks contributed to the overall market decline, with the S&P/TSX Global Gold Index plummeting by 2.6 percent due to a sharp drop in gold prices.
Technology stocks also faced considerable pressure, leading to a 1.7 percent fall in the S&P/TSX Capped Information Technology Index.
Conversely, energy stocks posted a strong performance following a rise in crude oil prices, which resulted in a 2.0 percent increase in the S&P/TSX Capped Energy Index.
In economic updates, Statistics Canada reported that real gross domestic product grew by 0.2 percent in July, bolstered by gains in both services-producing and goods-producing industries.
