FX.co ★ TSX Futures Slide as Gold Tumbles on Hawkish Fed Chair

Futures linked to the S&P/TSX Composite Index experienced a downturn on Friday, largely due to a significant decline in gold prices and weaker oil quotations. The value of gold dipped by nearly 5% following a rebound of the US dollar, impacting companies such as Agnico Eagle, Barrick, Wheaton Precious Metals, and Franco-Nevada, which had already seen losses in the previous trading session. The metals sector faced additional pressure as traders scaled back on speculative transactions, a move further spurred by US President Trump's nomination of Kevin Warsh as the new Chair of the Federal Reserve, known for his hawkish stance on inflation. Oil prices also saw a retreat, alleviating concerns about supply disruptions in Iran, and this exerted further downward pressure on energy stocks. On the economic front, market participants are keenly awaiting the release of Canadian GDP figures. Additionally, President Trump has issued a warning regarding the potential decertification of Bombardier Global Express business jets, contemplating a 50% import tariff on Canadian-manufactured aircraft unless Canadian regulators approve aircraft produced by US-based rival Gulfstream.