TSX futures rise as gold gains; oil advances
Feb 25 (Reuters) – Futures tracking Canada’s main stock index rose on Wednesday as gold prices gained on a softer U.S. dollar, while oil prices rose amid lingering worries about a potential military conflict between the U.S. and Iran.
March futures on the S&P/TSX composite index gained 0.27%, as of 5:25 a.m. ET.
Spot gold and silver rose 0.6% and 3.6%, respectively, supported by a softer U.S. dollar and the threat of a potential U.S.-Iran conflict that boosted the demand for safe-haven assets.
Oil prices also gained, with Brent crude futures and U.S. West Texas Intermediate crude up 0.6% each.
Toronto’s benchmark index closed at a record high in the previous session, led by gains for metal mining stocks and shares of Thomson Reuters.
U.S. President Donald Trump briefly laid out his case for a possible attack on Iran in his State of the Union speech to Congress on Tuesday, saying he would not allow the country to have a nuclear weapon.
Meanwhile, automotive fleet manager Element Fleet Management reported fourth-quarter profit marginally lower than estimates in aftermarket earnings.
Investors will keep an eye on Bank of Montreal and National Bank of Canada, which will report their earnings before the bell.
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(Reporting by Utkarsh Tushar Hathi; Editing by Shreya Biswas)
