TSX Drops 288 Points at Open as Gold Plunges 3.5% on September 28

9:45 AM ET — The TSX Composite opened the final Monday of September deep in the red, falling 288 points, or 0.81%, to 35,509 in the first 15 minutes of trading. The selloff mirrors broad weakness in U.S. markets, where the S&P 500 slid 39 points (-0.51%) to 7,704 and the NASDAQ shed 168 points (-0.62%) to 26,901 at the bell. Investors are in full risk-off mode to kick off the week.

Precious Metals Crater, Dragging TSX Materials Sector

The single biggest catalyst hitting Bay Street this morning is a savage reversal in gold and silver overnight. Spot gold collapsed $152.30, or 3.52%, to $4,169.20 USD per ounce — equivalent to approximately $5,895 CAD/oz at the current USD/CAD rate of 1.4143. Silver is even harder hit, plunging 4.02% to $61.66 USD/oz. The TSX Materials sector — home to Canada’s heavyweight gold miners including Agnico Eagle, Barrick Gold, and Kinross — is the clear early laggard, posting some of the deepest individual losses on the exchange in early trading. Volume in major gold names is running well above the 30-day average, signalling institutional distribution, not just retail nerves.

Energy a Bright Spot, But a Split Market

Not everything is red. WTI crude is surging 2.03% to $94.29 USD/bbl — roughly $133.33 CAD/bbl — providing a meaningful tailwind for TSX Energy constituents including Canadian Natural Resources, Cenovus, and Suncor. This is creating a sharply bifurcated open on the TSX: energy names are posting early gains and drawing volume, while the materials and mining complex absorbs the brunt of the pain. Notably, Brent crude tells a more complex story, falling 4.98% to $99.13/bbl, suggesting the WTI strength may be tied to North American supply dynamics or a spread trade rather than a clean demand narrative.

Copper Weakness Adds to Industrial Anxiety

Copper slipped 1.20% to $6.6150 USD/lb, adding a cautionary signal for base metals producers and the broader industrial sector. The red metal is often read as a leading indicator of global growth expectations, and this morning’s decline compounds the risk-off tone. TSX-listed copper and diversified miners are tracking lower in sympathy, with below-average buying interest in the early tape.

Overnight Catalysts and Gap Moves to Watch

The catalyst stack driving this open appears rooted in overnight macro pressure — a combination of month-end portfolio rebalancing heading into September 30, profit-taking in precious metals after gold’s historic run above $4,300, and residual anxiety around global central bank commentary. Several TSX-listed gold royalty and streaming companies are gapping down meaningfully at the open, with price action consistent with stop-loss triggering rather than orderly selling. Traders should watch the $4,150 USD level in spot gold as a near-term technical support; a breach could accelerate TSX Materials losses through the morning session.