- The TSX Composite fell 278 points (-0.76%) to 36,554 on August 28, underperforming both the S&P 500 and NASDAQ due to heavy materials exposure.
- Gold plunged 2.17% to US$4,509.90/oz and silver dropped 3.30% after stronger U.S. core PCE data dimmed Federal Reserve rate-cut expectations.
- First Majestic Silver and Kinross Gold were among the hardest-hit TSX names, while copper’s 0.77% gain lifted Teck Resources and Capstone Copper.
- Canadian markets reopen Tuesday after Labour Day; July GDP data and gold’s US$4,500/oz technical level are the key watchpoints heading into next week.
The TSX Composite closed at 36,554 on Friday, August 28, 2026, down 278 points or 0.76%, marking the index’s worst single-session decline in three weeks. Trading volume was elevated relative to the summer average, suggesting institutional repositioning ahead of the Labour Day long weekend rather than ordinary Friday drift. The S&P 500 finished at 7,712 (-0.25%) and the NASDAQ at 26,402 (-0.52%), meaning the TSX underperformed both major U.S. benchmarks by a meaningful margin — a direct consequence of Canada’s outsized exposure to gold and silver equities.
What Drove the Selloff: A Gold Flush
The day’s dominant story was a brutal reversal in precious metals. Gold spot prices fell $100.07 to US$4,509.90 per ounce (-2.17%) — approximately C$6,249/oz at today’s USD/CAD rate of 1.3854 — while silver cratered 3.30% to US$67.14/oz (roughly C$93.01/oz). The catalyst: stronger-than-expected U.S. core PCE data released at 8:30 AM ET reinforced the narrative that the Federal Reserve has no urgency to cut rates further, lifting the U.S. dollar and triggering a risk-off rotation out of hard assets. Gold had already been stretched near all-time highs, making it particularly vulnerable to a hawkish data surprise.
Sector Winners and Losers
Losers — Gold & Silver Miners: The materials sector bore the brunt of the selloff. Agnico Eagle Mines (AEM.TO) shed an estimated 3.4%, Kinross Gold (K.TO) dropped roughly 3.8%, and First Majestic Silver (FR.TO) — doubly exposed through silver’s steeper 3.30% decline — tumbled an estimated 5.1%, making it one of the TSX’s worst performers of the session. Barrick Gold (ABX.TO) declined approximately 2.9%, erasing several days of gains accumulated since its Q2 beat earlier this month.
Winners — Copper & Base Metals: Not all of the materials sector suffered. Copper surged 0.77% to US$6.6380/lb, buoyed by fresh demand signals out of China’s infrastructure buildout and tightening supply forecasts from Chilean producers. Teck Resources (TECK.B.TO) was a standout gainer, adding an estimated 1.8% on the session. Capstone Copper (CS.TO) also traded higher by roughly 1.5%, providing a rare bright spot on an otherwise red tape. Energy was broadly flat: WTI crude edged down just 0.13% to US$83.42/bbl, while Brent fell 1.67% to US$88.20/bbl, leaving Canadian oil sands names little changed on net.
By the Numbers
| Asset | Level | Change |
|---|---|---|
| TSX Composite | 36,554 | -0.76% |
| S&P 500 | 7,712 | -0.25% |
| NASDAQ | 26,402 | -0.52% |
| Gold (USD/oz) | $4,509.90 | -2.17% |
| Silver (USD/oz) | $67.14 | -3.30% |
| WTI Crude (USD/bbl) | $83.42 | -0.13% |
| Copper (USD/lb) | $6.6380 | +0.77% |
| USD/CAD | 1.3854 | — |
What to Watch When Markets Reopen Tuesday
Canadian markets are closed Monday, September 1 for Labour Day. When trading resumes Tuesday morning, three catalysts deserve immediate attention. First, watch for any weekend developments in U.S.-China trade rhetoric — copper’s Friday gain could reverse quickly on fresh tariff headlines. Second, Statistics Canada releases July GDP data on Tuesday; a miss versus the +0.2% consensus could push the Bank of Canada toward a September rate cut, which would be CAD-negative but supportive of rate-sensitive real estate and utility names. Third, gold’s technical picture is fragile after breaching its 10-day moving average — a sustained hold below US$4,500/oz Tuesday morning could trigger further stop-loss selling in senior miners. Position accordingly.
