Gold ushers gains for Canadian stocks
Canadian stocks closed the week on a positive, sending the benchmark Toronto Stock Exchange (TSX) composite index higher for the third consecutive day. Stocks were supported by gold’s recent surge, which helped boost commodity shares. Gold futures rose to the highest level in two months, closing on a gain of more than $10 an ounce. Gold for December delivery closed at $1,371.00 an ounce, building on Thursday’s heavy rally of 2 percent. Gold futures are on track for a weekly gain in the vicinity of 4 percent, the precious metal’s largest rally since July 12.
The TSX enjoyed its biggest weekly advance in over a month, gaining more than 1.5 percent. The benchmark index would close Friday’s session at 12,736.92. Gold prices helped push seven of the ten TSX industries higher, with total trade volume exceeding the 30-day average by 14 percent. Gold has fallen 30 percent since hitting an all time high of $1,923, but has rebounded more than 15 percent from its yearly lows.
Accompanying gold’s rally was silver, which advanced roughly 12 percent this week on strong physical demand. This week silver recorded its biggest rally in almost two years, as an improving global economy created an uptake in precious metals. Earlier in the week the markets were greeted with upbeat fundamentals from the UK and Eurozone, suggesting the two economies are headed out of recession. Silver for December delivery was up 1.7 percent to close at $23.37 an ounce.
The TSX Capped Energy Index gained 0.85 percent on escalating violence in Egypt, which is home to one of the world’s most strategic crude distribution channels. The Suez Canal distributes 7 percent of global sea-born crude, connecting the Red Sea to the Mediterranean. The September crude contract traded flat, but narrowed its discount on Brent to $2.94. Brent, the global benchmark, closed the day at $110.40 a barrel, a gain of 0.8 percent.
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