TSX Futures Edges Up as Gold Gains on Middle East Tensions

Canada’s S&P/TSX Composite Index rose around 0.3% to above the 33,900 mark on Wednesday, paring some of yesterday’s 2.2% plunge, as a surge in gold-mining stocks and a tech-led recovery offset losses in information services. The rebound was primarily fueled by an over 1% gain in Agnico Eagle Mines, Barrick Gold, and Wheaton Precious Metals, as investors returned to metals. Further support came from Shopify, which jumped over 2% on news of expanding its AI-driven international growth. These gains provided a critical buffer against Thomson Reuters, which fell over 2%, and a 1.5% slide in Suncor Energy as crude oil prices retreated. The financial sector also stabilized, with Royal Bank of Canada (0.3%) and BMO (0.5%) turning positive. Despite regional infrastructure risks in the Middle East, the TSX leveraged its concentration in materials and software to maintain a slim gain and resume its record-breaking 2026 performance.

Futures tracking the S&P/TSX Composite Index edged up on Wednesday as higher gold prices offset uncertainty from escalation in the was in Iran. Gold rebounded from Tuesday’s decline as investors sought the safe-haven assets, supporting mining stocks.  Meanwhile, Canadian banks were set to open lower, as geopolitical uncertainty continued to stoke inflation concerns and lifted credit costs. Also, energy producers were pressured as oil prices fell following a three-day surge. In other news, a Brazilian court halted the transfer of mineral rights for a gold asset sale from Equinox Gold to Chinese miner CMOC on Tuesday.

Canada’s S&P/TSX Composite Index plunged 2.2% to close at 33,785 on Tuesday, reeling from a global flight to safety as the Middle East conflict threatened a massive inflationary shock. The index plummeted nearly 4% at its intraday lows before paring some losses after President Trump’s pledge to provide naval escorts and insurance for tankers in the Strait of Hormuz calmed immediate supply panic. This intervention pulled crude off its daily peaks, yet the resulting spike in bond yields still hammered interest-sensitive banks, with RBC and Scotiabank dropping 1.7% and 2.8% respectively. The mining sector was decimated as Agnico Eagle and Wheaton Precious Metals plunged over 8% following a sharp retreat in bullion. While Shopify bucked the trend with a 2.1% gain after its AI showcase, the broader market remains paralyzed by logistical risks and the threat of prolonged energy disruptions.