TSX Closes at 36,714 as Gold Surge Offsets Oil Selloff

The TSX Composite closed at 36,714 on Monday, August 24, 2026, up 95 points or 0.26% on the session. Canadian equities held their ground even as the S&P 500 slipped 0.28% to 7,653 and the NASDAQ tumbled 0.76% to 25,980, underscoring the TSX’s insulation through its heavier commodity weighting. Volume was broadly in line with the 30-day average, with no single sector dominating order flow until gold prices broke decisively higher in the early afternoon.

Winners: Gold Miners Lead the Charge

Gold surged US$87.20 to US$4,710.90 per troy ounce (+1.88%) — equivalent to approximately CA$6,524/oz at today’s USD/CAD rate of 1.3849 — marking a fresh all-time high and the single biggest catalyst of the trading day. Senior producers were the immediate beneficiaries. Agnico Eagle Mines (AEM-T) jumped +3.4% to lead the TSX Materials subindex, while Barrick Gold (ABX-T) added +2.9%. Mid-tier royalty name Franco-Nevada (FNV-T) rose +2.6%, as royalty structures amplify leverage to spot price moves without proportional cost inflation. The Materials sector was the clear top performer on the TSX today.

Copper also contributed a modest tailwind, adding 0.33% to US$6.6010/lb, supporting base-metal-exposed names and diversified miners. The copper move was quieter but consistent with a broader narrative of tight physical supply against resilient industrial demand out of Southeast Asia.

Losers: Energy Stocks Hammered by Oil Slide

WTI crude fell US$2.06 to US$85.00/bbl (-2.37%) and Brent dropped US$2.37 to US$92.02/bbl (-2.51%) after a bearish U.S. inventory report showed a surprise crude build of 3.2 million barrels for the week ended August 21 — well above the 800,000-barrel draw analysts had expected. The print reignited demand-destruction fears and sent Canadian energy producers reeling. Cenovus Energy (CVE-T) fell -3.1%, MEG Energy (MEG-T) dropped -3.6%, and pipeline operator Pembina Pipeline (PPL-T) slipped -1.4% in sympathy. The TSX Energy subindex was the session’s worst-performing sector by a meaningful margin.

Silver was a notable divergence within the precious metals complex, pulling back 0.87% to US$68.86/oz (CA$95.37/oz), suggesting some rotation out of the more industrially sensitive metal and into pure safe-haven gold. Silver’s underperformance also weighed on smaller silver-focused names on the TSX Venture Exchange.

What Drove the Day

Two competing forces defined August 24. First, the surprise U.S. crude inventory build — released at 10:30 AM ET by the Energy Information Administration — triggered an immediate energy selloff that accelerated into the lunch hour. Second, a flight to safety gathered momentum through the afternoon as U.S. tech stocks weakened on renewed concerns about AI-chip export restrictions, lifting gold and pulling sovereign bond yields lower. The combination left the TSX in a narrow but ultimately positive range: energy dragged, materials soared, and the index finished with a modest but meaningful outperformance versus its U.S. peers.

What to Watch Tuesday, August 25

Tuesday’s calendar is consequential. U.S. Conference Board Consumer Confidence for August prints at 10:00 AM ET — consensus sits at 101.3, down from 103.2 in July — and any downside miss could extend the NASDAQ’s slide and reinforce gold’s bid. Domestically, Statistics Canada releases June Retail Sales data pre-market; Bay Street is looking for a flat reading after May’s 0.4% gain. On the earnings front, two TSX-listed energy producers report after the close; their commentary on hedging strategy and WTI price assumptions will be closely watched given today’s crude drop. Overnight, keep an eye on any OPEC+ ministerial statements — Saudi Arabia’s output posture remains the swing factor for oil into September.