Jan 28 (Reuters) - Futures linked to Canada's main stock index inched up on Wednesday as gold prices notched a fresh high, while investors awaited interest rate decisions from the U.S. Federal Reserve and the Bank of Canada later in the day.
March futures on Toronto's S&P/TSX Composite Index were up 0.16% as of 5:41 a.m. ET.
Spot gold gained 1.6%, briefly surging past $5,300 per ounce, as the U.S. dollar languished near four-year lows before steadying after President Donald Trump brushed off January's slide.
The Fed is expected to keep rates unchanged at its policy meeting, though the decision is likely to be overshadowed by concerns over the central bank's autonomy amid Trump's attempts to gain greater control of monetary policy.
The Bank of Canada, which is scheduled to announce its decision at 9:45 a.m. ET, is also widely expected to keep rates unchanged.
A Reuters poll showed on Friday that a majority of economists polled believe the Canadian central bank will keep rates steady through 2026 on expectations of steady economic growth and largely tame inflation.
Toronto's benchmark stock index (.GSPTSE), was little changed on Tuesday as investors remained cautious ahead of the rate decisions.
The market will also look to earnings from Microsoft (MSFT.O), and Meta (META.O), due after the bell, for cues on tech sector profitability amid concerns of an AI bubble.
In Canada, railway operator Canadian Pacific Kansas City (CP.TO), electronic manufacturing services firm Celestica (CLS.TO), and tech consulting firm CGI (GIBa.TO), are scheduled to report earnings later in the day.
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Reporting by Utkarsh Tushar Hathi in Bengaluru; Editing by Jonathan Ananda
