Futures linked to Canada's main stock index rose on Monday as precious metals extended their record run, outweighing uncertainty sparked by U.S. President Donald Trump's threat of 100% tariffs on Canada.
March futures on Toronto's S&P/TSX Composite Index were up 0.37% as of 6:04 a.m. ET.
Toronto's benchmark stock index (.GSPTSE), closed at a record high on Friday, gaining for the third straight week as gold extended its run even as investors paused after the threat of U.S. tariffs on eight European countries receded.
On Monday, spot gold was up 2.2% after briefly moving past $5,100 per ounce, while silver jumped 6% to hit a record high.
Gold prices have rallied this year after last year's stellar 64.4% jump, as geopolitical tensions, U.S.–NATO friction over Greenland and uncertainty about the Federal Reserve's autonomy have further increased safe-haven demand.
Moreover, trade uncertainty gripped Canada after Trump on Saturday threatened a 100% tariff on the country if it follows through on a trade deal with China.
In response, Prime Minister Mark Carney said on Sunday that Canada respects its commitments under the United States-Mexico-Canada (USMCA) trade agreement to not pursue free trade agreements with non-market economies.
U.S.-Canada tensions have grown in recent days following Carney's criticism of Trump's pursuit of Greenland.
Meanwhile, oil prices , gained on Monday as output disruptions in major U.S. crude-producing regions and U.S.-Iran tensions boosted prices.
On the macroeconomic front, interest rate decisions from the U.S. Federal Reserve and Bank of Canada are due later this week. Major economists polled by Reuters expect the Canadian economy to grow steadily, reinforcing expectations that the central bank will keep policy rates unchanged through 2026.
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Reporting by Utkarsh Tushar Hathi; Editing by Sahal Muhammed
