Following a recent uptick, Canadian stocks have experienced a downturn in trading on Thursday.
The benchmark S&P/TSX Composite Index has declined by 95.19 points, or 0.4%, to settle at 23,026.54, after concluding Wednesday's session at a record high.
This pullback may be attributed to profit-taking, as traders capitalize on the recent gains despite the prevailing optimism about a potential U.S. interest rate cut next month.
Notably, a significant weakness among gold stocks is contributing to the market's decline, with the S&P/TSX Global Gold Index plummeting by 1.9%.
The drop in gold stocks coincides with a sharp decrease in the price of the precious metal, with gold for December delivery falling $32.70 to $2,514.80 an ounce.
Most other major sectors are experiencing relatively modest movements ahead of the Kansas City Federal Reserve's Jackson Hole Economic Symposium, commencing later today.
Federal Reserve Chair Jerome Powell is slated to speak at the symposium in Jackson Hole, Wyoming, on Friday. Traders are keenly awaiting his remarks for further insights into the central bank's rate outlook.
