FX.co ★ TSX Sets New Record

The S&P/TSX Composite Index experienced a notable increase of 0.8%, reaching an unprecedented high of 32,874 on Monday. This uptrend was primarily driven by a significant rise in gold mining stocks, which overshadowed the mixed performance seen in energy stocks and investor caution regarding the banking sector. Leading the upward momentum were precious metal companies such as Agnico Eagle, Barrick, and Wheaton Precious Metals, which saw their shares climb between 1.5% and 2.7%. This was in response to gold prices soaring to new highs following news that the US Department of Justice issued a subpoena to Fed Chair Jerome Powell, renewing worries about the Federal Reserve's autonomy. Meanwhile, the energy sector showed mixed results, with crude oil prices rising above $59 a barrel due to geopolitical tensions concerning Iran, though potential increases in North American supply, including oil from Venezuela, limited further gains. Canadian banks remained subdued as investors awaited US bank earnings reports for insights into credit conditions and international exposure.