Gold prices surged as investors reduced expectations of further US interest rate hikes, boosting TSX futures ahead of market open. Gold and silver rose 1.3% and 2.6%, respectively, while oil prices remained steady amid hopes for Middle East peace talks between the U.S. and Iran.
The S&P/TSX Composite Index ended higher on Thursday, with gains in mining stocks outweighing losses in financials and auto parts shares. The benchmark index was on track for a weekly loss.
Toronto Regional Real Estate Board data showed Greater Toronto Area home sales increased for a fourth straight month in June, continuing the market’s recovery after a slow start to the year.
BHP Group agreed to transfer its San Manuel property in Arizona to Faraday Copper Corp in exchange for a 30% stake, as Faraday seeks to develop a copper hub around its Copper Creek project. Canada’s AtkinsRealis anticipates Turkey will complete an early review of its CANDU reactors following an information exchange later this summer, potentially leading to concrete talks for a nuclear plant bid.
Trading volumes were expected to be thin due to the U.S. public holiday.