Canada Stocks: TSX futures rise as gold extends rally, oil advances

Celestica

29/01/2026 11:42

Jan 29 (Reuters) - Futures linked to Canada's main stock index rose on Thursday, as precious metals extended their rally and oil advanced on lingering geopolitical concerns, while investors assessed Big Tech results from the U.S.

March futures on Toronto's S&P/TSX Composite Index SXFcv1 were up 0.3% as of 6:05 a.m. ET.

Spot gold XAU= gained 1.4%, briefly hovering near $5,600 per ounce, supported by safe-haven demand amid continuing geopolitical uncertainty and concerns over the U.S. Federal Reserve's autonomy. The sell-off in the U.S. dollar eased on Thursday, but the currency remained close to multi-year lows.

Silver prices XAG= were steady, while copper and other metal prices rose.

Oil prices gained, with Brent crude futures LCOc1 surging past $70 per barrel for the first time since September amid fears of a potential U.S. strike on major oil producer Iran.

Wall Street futures were largely flat as investors weighed earnings from Microsoft MSFT.O, Tesla TSLA.O and Meta META.O. While Tesla and Meta rose in premarket trading after disclosing plans for capex increases, Microsoft failed to impress with its cloud revenue growth.

Rising commodity stocks helped Toronto's benchmark stock index .GSPTSE close higher on Wednesday, recovering from earlier losses triggered by the Bank of Canada flagging uncertainty around future policy moves. The Canadian central bank kept benchmark rates unchanged, as widely expected.

The Fed also held rates steady on Wednesday, with Chair Jerome Powell noting that the risks to both inflation and employment have "diminished, but still exist."

In corporate news, Celestica CLS.TO raised its full-year revenue outlook for 2026 after the bell on Wednesday, while Canadian Pacific Kansas City CP.TO slightly missed fourth-quarter profit estimates.

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(Reporting by Utkarsh Tushar Hathi; Editing by Jonathan Ananda)

((utkarshtushar.hathi@thomsonreuters.com))