Jan 21 (Reuters) - Futures tracking Canada’s resource-heavy stock index gained on Wednesday, supported by a third straight day of record gold prices, as heightened tensions between the U.S. and its NATO allies over Greenland drove investors to make safer bets.
March futures on Toronto’s S&amp;P/TSX Composite Index (SXFcv1) were up 0.4% as of 5:36 a.m. ET. U.S. President Donald Trump is likely to escalate his push to take over Greenland at the World Economic Forum (WEF) in Davos, despite a tough reception from European nations.
Spot gold (XAU=) gained 2% to surpass $4,859 per ounce, while silver (XAG=) rose 0.57% to trade above $95, as investors looked for safe havens following a broad global market rout on Tuesday triggered by the Greenland standoff.
Toronto’s benchmark index (.GSPTSE) logged its biggest decline since November 20 on Tuesday. Trump’s renewed tariff threats have revived the ‘Sell America’ trade narrative, previously seen after his sweeping Liberation Day levies last April. Canadian Prime Minister Mark Carney on Tuesday strongly opposed Washington’s fresh tariff threats against European allies and backed Denmark’s sovereignty over Greenland.
Oil prices, meanwhile, weakened as an expected build-up of U.S. crude inventories outweighed a temporary halt in output at two large fields in Kazakhstan. (O/R)
Brent crude futures (LCOc1) rose 0.63%, while U.S. West Texas Intermediate crude (CLc1) gained 0.58%.
Canada’s Industrial Product Price Index is due on Wednesday morning.
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Futures for Canada's resource-heavy stock index rose 0.4% on January 21, driven by record gold prices amid escalating geopolitical tensions over Greenland. Spot gold surged 2% to over $4,859 per ounce, while silver increased by 0.57%. The Toronto index experienced its largest decline since November 20 the previous day. Oil prices weakened due to anticipated U.S. crude inventory increases, despite a temporary output halt in Kazakhstan. Canada's Industrial Product Price Index is set to be released on Wednesday.

Reuters

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CANADA STOCKS-TSX futures gain as geopolitical risks fan precious metals rally