- The TSX Composite closed at 36,381, up 0.68%, lifted by a powerful 3.69% surge in gold to US$4,398.40/oz — its biggest single-session move in months.
- Silver jumped 3.64% to US$63.67/oz, driving broad outperformance in TSX-listed precious metals miners and royalty companies across large- and mid-cap names.
- Copper fell 1.58% to US$6.5815/lb, pressuring base metals and diversified mining stocks and acting as the session’s primary drag on the index.
- Investors should watch U.S. July CPI on Tuesday and Monday’s Canadian housing starts data, with gold’s ability to hold US$4,350 as the key technical test.
The TSX Composite closed at 36,381 on Friday, August 7, 2026, up 0.68% on the session — a solid end to the trading week driven almost entirely by a dramatic flight into precious metals. Gold surged US$156.40 to US$4,398.40 per troy ounce (+3.69%) — equivalent to roughly C$6,055/oz at current exchange — while silver leapt 3.64% to US$63.67/oz, its strongest single-session move in months. The twin precious metals rally was the dominant story of the day, pulling the index well above intraday lows and setting a broadly positive tone heading into the weekend.
Winners: Precious Metals Miners Light Up the Leaderboard
Gold and silver producers were the undisputed leaders on Friday. Senior gold names led the charge, with large-cap royalty and streaming companies posting gains in the 4–6% range in sympathy with spot prices. Mid-tier gold miners on the TSX-V saw even sharper moves, with several names printing intraday highs not seen since Q1 2026. Silver-focused producers were equally buoyant, riding the metal’s near-parallel surge. The energy sector managed a slight positive contribution from natural gas names, which partially offset weakness in oil-weighted producers as WTI crude slipped US$0.26 to US$77.03/bbl (-0.34%) and Brent settled at US$82.17/bbl (-0.39%).
Losers: Copper’s 1.58% Drop Hits Base Metals Names Hard
Copper fell to US$6.5815/lb, down 1.58% on the session — the sharpest single-day decline for the red metal in several weeks. Diversified miners with significant copper exposure bore the brunt, giving back recent gains as demand-side concerns out of Asia weighed on industrial metals broadly. Base metals producers on both the TSX and TSX-V underperformed the index by a wide margin. Lithium names also drifted lower in sympathy with the broader industrial metals complex, extending a difficult stretch for battery-metals equities.
What Drove the Day
The gold and silver spike was the session’s defining catalyst. Traders pointed to a combination of renewed safe-haven demand, a softer U.S. dollar, and positioning ahead of next week’s U.S. CPI print as the primary drivers behind precious metals’ outsized move. Across the border, the S&P 500 gained 0.62% to 7,758 and the NASDAQ jumped 1.30% to 26,691, with tech’s outperformance reflecting renewed appetite for growth assets — a somewhat contradictory signal alongside gold’s safe-haven bid, but one that underscored the market’s broadly risk-on posture heading into the weekend.
| Index / Asset | Level | Change |
|---|---|---|
| TSX Composite | 36,381 | +0.68% |
| S&P 500 | 7,758 | +0.62% |
| NASDAQ | 26,691 | +1.30% |
| Gold (spot) | US$4,398.40/oz | +3.69% |
| Silver (spot) | US$63.67/oz | +3.64% |
| WTI Crude | US$77.03/bbl | -0.34% |
| Copper | US$6.5815/lb | -1.58% |
What to Watch Monday, August 10
The single most important event on next week’s calendar is U.S. CPI for July, due Tuesday morning — Friday’s gold surge will look either prescient or premature depending on that number. Before that, Monday opens with Canadian housing starts data and any weekend geopolitical developments that could further fuel or deflate the precious metals bid. Earnings season on the TSX enters a lighter stretch, but watch for mid-cap energy and mining names still scheduled to report. Overnight, Asian copper futures will be a tell on whether Friday’s industrial metals selloff has legs or was merely a one-session shakeout. Precious metals bulls will need gold to hold above US$4,350 on any Monday pullback to keep the momentum narrative intact.
