- The TSX Composite jumped 309 points (+0.85%) to 36,400 in the first 15 minutes of trading on September 3, 2026.
- Gold surged 3.65% to $4,525.60 USD/oz (~$6,302 CAD), driving massive outperformance in TSX materials and mining stocks.
- Copper (+2.25%) and WTI crude (+0.90%) added broad commodity tailwinds, lifting energy and base-metal names on heavy opening volume.
- Utilities and REITs are lagging early as investors rotate aggressively into resource and cyclical sectors on the risk-on open.
9:45 AM ET — The TSX Composite opened Thursday at 36,400, up 309 points or +0.85%, in the first 15 minutes of trading. The S&P 500 added 49 points to 7,716 (+0.64%) while the NASDAQ led U.S. benchmarks with a gain of +0.88% to 26,448. The broad-based rally is being driven by an extraordinary overnight surge in precious metals and a synchronized lift across the commodities complex.
Gold Steals the Show — $4,525 and Climbing
Gold is the undeniable catalyst this morning, printing at $4,525.60 USD per ounce (+3.65%) — equivalent to roughly $6,302 CAD/oz at today’s exchange rate of 1.3925. That is a single-session move of approximately $159 USD, one of the largest nominal daily gains on record for the metal. Silver is matching the momentum, up +3.33% to $66.88/oz USD ($93.12 CAD). The precious metals surge is lighting up TSX-listed gold and silver miners in the opening minutes, with the materials sector emerging as the clear early leader on the Canadian exchange.
Overnight catalysts behind the metals move include renewed sovereign safe-haven demand and fresh signals from the U.S. Federal Reserve suggesting a more dovish posture heading into Q4 2026. A weaker U.S. dollar index overnight provided additional rocket fuel for dollar-denominated commodities across the board.
Energy and Copper Add to Commodity Tailwinds
WTI Crude is trading at $91.83 USD/bbl (+0.90%) and Brent at $96.16 USD/bbl (+0.55%), keeping TSX energy names firmly in positive territory at the open. Copper is posting one of its stronger single-session moves in months, up +2.25% to $6.6475 USD/lb, a direct boost to Canadian base-metal and diversified mining companies. The energy and materials sectors are collectively pulling the TSX well above the broader index’s gain, while rate-sensitive sectors like utilities and real estate are lagging early as investors rotate into cyclical and resource names.
Sector Snapshot: Leaders and Laggards
| Sector | Early Direction | Key Driver |
|---|---|---|
| Materials (Gold/Silver/Copper) | 🟢 Strong Outperformer | Gold +3.65%, Copper +2.25% |
| Energy (Oil & Gas) | 🟢 Outperformer | WTI +0.90%, Brent +0.55% |
| Technology | 🟢 In Line | NASDAQ +0.88% overnight |
| Utilities | 🔴 Lagging | Rotation out of defensives |
| Real Estate (REITs) | 🔴 Lagging | Rate uncertainty persists |
Watch: Unusual Volume and Gap Moves
Traders are flagging unusually high opening volume in senior TSX-listed gold producers, with several names gapping up 4–6% on the open — well above the broader index move — suggesting institutional positioning ahead of what some desks are calling a potential breakout week for bullion. Junior miners on the TSX-V are also seeing outsized early activity, consistent with a risk-on tilt within the resource space. Copper-exposed names are gapping up on volume not seen in several sessions, tracking the metal’s 2.25% overnight pop.
The USD/CAD is holding at 1.3925, providing a modest additional tailwind for Canadian exporters and resource companies that price in U.S. dollars but report in CAD. With commodities firing on multiple cylinders and U.S. equity futures having telegraphed the move overnight, this open has the hallmarks of sustained momentum — but traders will be watching whether gold can hold above the psychologically critical $4,500 USD level through the morning session.
