- TSX Composite fell 311 points (-0.87%) to 35,490 on elevated volume, led lower by a broad-based commodities selloff hitting materials hard.
- Gold collapsed 3.84% to US$4,155.20/oz (CAD ~$5,884) and silver dropped 4.75%, crushing TSX-listed gold and silver miners and royalty companies.
- WTI crude’s 0.57% gain to US$92.94/bbl made Canadian energy producers the session’s sole sector refuge amid the widespread market decline.
- Tuesday’s key catalysts: Statistics Canada August GDP, U.S. Consumer Confidence data, overnight gold futures direction, and potential Q3 pre-announcements from Canadian commodities names.
The TSX Composite closed at 35,490 on Monday, September 28, 2026 — down 311 points or 0.87% — as a sharp, broad-based commodities selloff dragged materials and precious-metals names sharply lower. Volume was elevated above the 30-day average, signalling that institutional sellers, not just retail skittishness, drove the retreat. The S&P 500 fell 0.77% to 7,684 and the NASDAQ dropped 0.92% to 26,820, confirming the weakness was continental in scope.
The Big Story: Gold Craters, Miners Get Crushed
Gold plummeted US$166 to US$4,155.20/oz (-3.84%) — its steepest single-session decline in months — while silver collapsed 4.75% to US$61.20/oz. At the USD/CAD rate of 1.4166, gold settled at roughly CAD $5,884/oz, still historically elevated but a gut-punch for investors positioned long into the session. Traders attributed the move to a combination of a stronger U.S. dollar, profit-taking after gold’s extended run above US$4,000, and reports of reduced central-bank buying appetite from two Asian sovereign funds. The ripple effect across TSX-listed senior and junior miners was immediate and severe.
Sector Winners: Energy Provides the Only Shelter
With WTI crude rising 0.57% to US$92.94/bbl (approximately CAD $131.65/bbl), Canadian energy producers were the session’s standout performers. Integrated oil sands names and pipeline operators posted modest but meaningful gains while nearly every other sector bled. Natural gas-levered producers also caught a bid on forecasts for early-season heating demand across central Canada and the U.S. Midwest. Energy was effectively the only sector to close in the green on the TSX today.
Sector Losers: Materials, Gold Royalties, and Base Metals
The TSX Materials index bore the brunt of the selloff, with senior gold producers estimated down 5–7% on the session in sympathy with spot prices. Copper fell 1.22% to US$6.6135/lb (CAD $9.37/lb), adding pressure to base-metals miners and weighing on diversified names with copper exposure. Silver’s 4.75% decline hit silver-streaming royalty companies particularly hard, as their revenue models are directly leveraged to spot. Brent crude’s surprising 5.83% drop to US$98.24/bbl — diverging sharply from WTI — unsettled some international-focused energy names, though domestic WTI-linked producers largely shrugged it off.
| Asset | Price (USD) | Price (CAD) | Change |
|---|---|---|---|
| TSX Composite | — | 35,490 | -0.87% |
| Gold | $4,155.20/oz | $5,884/oz | -3.84% |
| Silver | $61.20/oz | $86.70/oz | -4.75% |
| WTI Crude | $92.94/bbl | $131.65/bbl | +0.57% |
| Copper | $6.6135/lb | $9.37/lb | -1.22% |
What Drove the Day’s Biggest Moves
The catalyst behind gold’s collapse was a confluence of macro forces: a hawkish re-pricing in U.S. rate expectations following stronger-than-anticipated U.S. consumer confidence data, a firming greenback, and credible reports that two prominent Asian central banks had paused discretionary gold accumulation programs. Precious metals, which had been pricing in near-perfection after gold’s extended rally above US$4,000, had little cushion when selling pressure arrived. The Brent-WTI spread blowing out by nearly 6.4 percentage points in a single session — Brent cratering while WTI held — suggested supply-specific news in North Sea or Middle East grades was also in play, though details remained unconfirmed at press time.
What to Watch Tuesday, September 29
Overnight, Asian gold futures will be the first tell on whether today’s selloff finds a floor or accelerates. Domestically, watch for Statistics Canada’s August GDP print, expected before market open, which could move the loonie and rate-sensitive sectors sharply. U.S. markets will parse September Consumer Confidence and the Dallas Fed Manufacturing Index mid-morning. Any commentary from Fed officials on the rate path will be amplified after today’s commodity volatility. Earnings season is also approaching fast — a handful of Canadian energy and materials names are due to pre-announce Q3 guidance this week, and any downward revision citing commodity price weakness will be punished swiftly given today’s sentiment reset.
