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The S&P/TSX Composite Index ascended by 0.8%, closing at a new high of 32,000 on Monday. This rise was driven by gains in gold and energy stocks during a week shortened by holidays—a period historically beneficial for equities. Among leading miners, Agnico Eagle, Barrick, and Wheaton Precious Metals saw increases ranging from 1.8% to 2.6%, as gold prices climbed beyond $4,400 per ounce for the first time. This surge was fueled by predictions of US interest rate cuts and enduring demand for safe-haven assets. Energy stocks further bolstered the index, with Canadian Natural gaining 1.1%, in response to a rise in oil prices. This increase followed reports from US officials about the interception of an oil tanker in international waters near Venezuela, raising concerns about possible supply disruptions. On the economic side, the industrial product price index experienced a 6.1% increase year-over-year, while the raw materials price index rose by 6.4% over the same period. Market participants are now focused on the upcoming release of US GDP data expected later this week.
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