July 31 (Reuters) - Futures tracking Canada's blue-chip stocks edged higher on Friday as upbeat corporate earnings supported sentiment, while investors awaited domestic GDP data for May, due later in the day.
September futures tracking the resource-heavy S&P/TSX Composite index were up 0.1% at 7:00 a.m. ET. The index (.GSPTSE), is on track to post its fourth straight monthly gain.
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Canadian auto parts supplier Magna International (MG.TO), raised its annual profit forecast following a second-quarter earnings beat.
TMX Group (X.TO), and Pembina Pipeline (PPL.TO), both posted a rise in second-quarter net income late on Thursday.
Market participants are awaiting GDP data for May, which is expected to be released at 8:30 a.m. ET.
Meanwhile, gold dropped more than 1% as the U.S. dollar strengthened, but remained on course for its first monthly gain since February as investors pared back interest rate hike bets after the Federal Reserve meeting this week.
Spot gold shed 1.1%, while silver slipped 1.7%.
Oil prices were steady and on course for a monthly rise as traders assessed supply flows through key maritime chokepoints and developments in U.S.-Iran talks.
Separately, retailer Alimentation Couche-Tard (ATD.TO), said on Friday it plans to buy Poland's Zabka (ZAB.WA), for about $8.7 billion. The deal is expected to close by December 2026.
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Reporting by Sudeshna Ghoshal in Bengaluru; Editing by Diti Pujara
