TSX Futures Steady as Gold Slips and Oil Rises in Final Week of the Year

Toronto | EcoPulse24

S&P/TSX Composite Index futures held steady on Monday following a market holiday, as investors entered the year's final week with caution amid mixed performances in key Canadian commodity sectors.

Mining stocks came under pressure after gold prices dropped by around 1.5%, driven by profit-taking and reduced safe-haven demand as geopolitical tensions eased. This limited momentum for the metal sector at the start of trading.

Conversely, the energy sector received strong support as oil prices rose by more than 2%, positively impacting Canadian energy stocks. The increase was fueled by a delicate balance between cautious optimism over potential US-Ukraine peace talks and ongoing concerns about supply disruptions in the Middle East, which have repriced risk premiums in the oil market.

Looking ahead, investors are awaiting the release of the US Federal Reserve's meeting minutes on Tuesday for additional signals regarding the direction of monetary policy and the timing of possible interest rate cuts, which directly affect global capital flows, including into the Canadian market.

Overall, TSX futures reflected a temporary equilibrium between pressure from the mining sector and support from energy stocks, as investors watch for monetary and economic catalysts that could determine the market's direction as the year draws to a close.