Materials Stocks Propel TSX Higher Amid Gold, Silver Rally

Canadian equities were firmer Friday, with the S&P/TSX Composite rising 0.61% as materials shares led gains on a sharp rally in precious metals. Gold futures climbed more than 2.2% to $4,672.50/oz, silver rose 2.1% to $69.540/oz, and copper added 1.63%, lifting the TSX Materials Capped Index more than 2.5%. Many miners and precious-metals names gained 3%-7%, including Ivanhoe Mines, Eldorado Gold, Wheaton Precious Metals, Kinross Gold and Teck Resources. The move was supported by a U.S. signal that it would buy back more Treasury notes and bonds in the secondary market, a factor that boosted gold. Broader market sentiment was also shaped by upcoming Canadian bank earnings and next week’s Bank of Canada policy decision. Economic data showed CFIB business expectations softened while retail sales were still up year-on-year but expected to weaken sequentially.