Jan 26 (Reuters) - Futures for Canada's main stock index edged higher on Friday, tracking upward trend in gold prices, while investors awaited a crucial inflation report from the U.S. to assess the Federal Reserve's interest rate trajectory.
March futures on the S&P/TSX index were up 0.2% at 6:53 a.m. ET (11:53 GMT), while their Wall Street peers fell, dragged by chip stocks.
Gold prices inched up, and Copper prices were down marginally, but most nonferrous metals were set for weekly gains.
Personal consumption expenditures (PCE) price index data from the U.S. is due at 8:30 am ET. This data will provide more clues on the Federal Reserve's direction on interest rate cuts ahead of the central bank's meeting next week.
The Bank of Canada had left its key overnight rate unchanged at its meeting on Wednesday while trimming its near-term growth forecasts for the country.
The TSX has risen marginally this year, driven by sticky inflation in Canada and a resilient U.S. economy, leading market participants to adjust their expectations regarding the timeline for interest rate cuts.
The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE), opens new tab ended 0.4% higher at 21,101.54, hitting its highest closing level since May 2022.
Across the border, the benchmark S&P 500 closed at an all-time high for a fifth straight session on Thursday after data showing strong U.S. economic growth in the fourth quarter boosted sentiment.
On the corporate side, oil and gas producer Enerplus Corp (ERF.TO), opens new tab announced on Thursday that it was expecting a hit to its first-quarter production numbers.
COMMODITIES AT 6:53 a.m. ET
Gold futures : $2,023.2; +0.3%
US crude : $76.8; -0.7%
Brent crude : $82.1; -0.4%
Reporting by Purvi Agarwal in Bengaluru; Editing by Ravi Prakash Kumar
