- TSX Composite closed at 35,193, down 290 points (−0.82%), with elevated volume confirming broad institutional selling pressure across sectors.
- Gold plunged 2.31% to $4,051.10/oz and silver fell 3.60%, hammering Canadian precious metals miners including Agnico Eagle (−3.6%) and Pan American Silver (−5.1%).
- WTI crude surged 5.75% to $91.82/bbl on a 4.2-million-barrel EIA inventory draw, propelling CNQ (+4.1%) and Baytex Energy (+6.2%) to top the TSX leaderboard.
- Friday’s U.S. PCE inflation report and Barrick Gold Q2 earnings are the two key catalysts that could set the tone heading into next week.
The TSX Composite closed at 35,193 on Thursday, shedding 290 points (−0.82%) in a session defined by a sharp reversal in gold and a jarring rally in crude oil. Volume was elevated above the 30-day average, signalling conviction behind the moves rather than thin summer trading. The day’s range reflected genuine volatility, with the index touching session lows mid-afternoon before energy names clawed back some ground into the close.
What Drove the Day
Gold’s collapse was the dominant story. Spot gold fell $95.91 to $4,051.10/oz (−2.31%) — its sharpest single-day decline in two months — while silver cratered 3.60% to $57.86/oz, dragging the materials sector deep into the red. The precious metals selloff appeared triggered by a stronger-than-expected U.S. jobless claims print and hawkish commentary from a Federal Reserve governor, which pushed the U.S. dollar index sharply higher and crushed the inflation-hedge trade that has powered metals through most of 2026.
On the other side of the ledger, WTI crude surged 5.75% to $91.82/bbl and Brent crossed the psychologically significant $100/bbl threshold, settling at $100.15 (+6.46%). A surprise draw of 4.2 million barrels in U.S. crude inventories — reported by the EIA this morning — combined with fresh OPEC+ signals of extended supply cuts through Q4 lit a fire under the energy complex. Canadian heavy crude differentials also tightened, adding an extra layer of upside for oil sands producers.
Winners: Energy Names Led the Charge
Canadian Natural Resources (CNQ) surged +4.1% to close at approximately $58.40 (CAD), making it the single largest positive contributor to the TSX by index points. Cenovus Energy (CVE) added +3.8%, while smaller intermediate producer Baytex Energy (BTE) popped +6.2% — its best session since February. Pipeline operator TC Energy (TRP) gained a more modest +1.4%, as rate-sensitive infrastructure stocks faced headwinds from the bond market selloff running in parallel.
Losers: Miners and Tech Took the Hit
Agnico Eagle Mines (AEM) lost −3.6% in lockstep with spot gold, while Pan American Silver (PAAS) shed −5.1% — the worst performance among TSX large-caps on the day. Kinross Gold (K) dropped −3.3%. On the technology side, Shopify (SHOP) declined −3.9%, tracking the NASDAQ’s −2.15% bloodbath stateside as rate fears hammered high-multiple growth names. Copper’s −1.95% slide to $6.325/lb also pressured base-metals miners, with First Quantum Minerals (FM) falling −2.8%.
| Asset | Close | Change |
|---|---|---|
| TSX Composite | 35,193 | −0.82% |
| S&P 500 | 7,408 | −1.21% |
| NASDAQ | 25,138 | −2.15% |
| Gold (spot) | $4,051.10/oz | −2.31% |
| WTI Crude | $91.82/bbl | +5.75% |
| Silver (spot) | $57.86/oz | −3.60% |
What to Watch Friday
Friday morning brings the U.S. PCE inflation report for June at 8:30 AM ET — the Fed’s preferred price gauge and the data point most likely to extend or reverse Thursday’s rate-fear trade. A hot read could push gold below $4,000/oz and extend the tech selloff; a cooler number might trigger a sharp reversal. In Canada, watch for any OPEC+ weekend commentary that could gap crude at the Sunday open. Domestically, Barrick Gold (ABX) reports Q2 earnings before the bell — a pivotal read on miner margins against the backdrop of gold’s sudden retreat.
