FX.co ★ TSX Slips Amid Geopolitical Tensions, But Weekly Gains Hold

The S&P/TSX Composite Index experienced a slight decline of 0.2% on Friday, falling from Thursday's record peak. This shift occurred as investors gravitated towards safe-haven assets due to heightened geopolitical tensions following Israel's significant strikes on Iran. These strikes targeted nuclear facilities and ballistic missile production sites, aiming to prevent Iran from developing nuclear weaponry. In retaliation, Iran launched over 100 drones. The situation prompted a 7% surge in crude oil prices and a 1% increase in gold prices, reflecting widespread concerns over potential escalation. Nevertheless, the index remained on track for its third consecutive weekly increase, bolstered by optimism surrounding a prospective trade agreement between Canada and the US ahead of the forthcoming G7 summit. US Treasury Secretary Scott Bessent announced his intention to attend the G7 meeting in Canada alongside President Donald Trump and engage in discussions with Prime Minister Mark Carney.