Feb 5 (Reuters) - Futures tied to Canada's main stock index rose on Wednesday as gold prices gained due to higher demand in light of the escalating U.S.-China trade war.
March futures on the S&P/TSX index were up 0.2% at 6:35 a.m. ET (1125 GMT).
Gold prices rose about 1% to a record high, continuing their upward trend due to safe-haven demand and a weaker dollar. Silver prices also increased.
In contrast, oil prices , dipped due to rising U.S. stockpiles and concerns over a new U.S.-China trade conflict, which overshadowed U.S. President Donald Trump's efforts to curb Iranian crude exports.
Trump implemented a 10% tariff on China, prompting Beijing to retaliate with tariffs on select American imports and reigniting a trade war between the top global economies.
Market volatility has been high recently, especially after Trump's announcement of tariffs on Canada and Mexico, which he later delayed.
Looking ahead in the day, Canada's trade data for December is set to be released at 08:30 a.m. ET.
A January U.S. private payrolls reading is due at 8:15 a.m. ET, while a survey on U.S. services activity for the month is due shortly after the open.
On Tuesday, the S&P/TSX composite index (.GSPTSE), rose as investors took advantage of a recent pullback in the market that was brought about by the threat of U.S. trade tariffs.
In corporate news, factory automation provider ATS Corp (ATS.TO), reported third-quarter revenue above estimates.
Wegovy sales double at the end of 2024, giving Novo Nordisk shares a boost.
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Reporting by Ragini Mathur in Bengaluru; Editing by Shreya Biswas
