TSX Surges 1.63% as Gold Rockets Past $4,100 on August 4

The TSX Composite finished Tuesday at 35,802, a gain of 583 points (+1.63%) — its strongest single-session advance in several weeks. Volume was elevated across the board, with materials and technology names driving the bulk of the buying. The day’s range reflected early caution that gave way to a decisive afternoon rally, mirroring strength in U.S. markets where the S&P 500 climbed 1.79% to 7,737 and the NASDAQ surged 2.59% to 26,585.

Winners: Gold and Base Metals Light Up the Board

The undisputed star of the session was the materials sector. Gold surged $98.90 to $4,132.70/oz (+2.45%), a fresh record that sent senior producers sharply higher. Silver was even more dramatic, jumping $2.04 to $59.72/oz (+3.55%), stoking a rally in intermediate silver miners listed on the TSX-V. Copper added +1.68% to $6.6235/lb, lifting base-metal diversifieds in sympathy. Analysts pointed to a weaker U.S. dollar, fresh safe-haven demand, and a broader commodity re-rating as the catalysts behind the precious-metals move. For Canadian miners — who report revenues largely in USD but carry costs in CAD — the combination was powerfully accretive to margins.

Technology was the second-biggest winner on the TSX, tracking the NASDAQ’s outperformance. Canadian AI-adjacent software and semiconductor-supply names saw meaningful buying interest in the afternoon session, with several mid-cap tech listings touching 52-week highs.

Losers: Energy Stocks Battered by Oil’s Collapse

The energy sector was the session’s clear laggard after WTI crude collapsed $4.99 to $75.36/bbl (-6.20%) and Brent fell $4.96 to $78.81/bbl (-5.92%). The sell-off in crude — one of the sharpest single-day drops of 2026 — was attributed to a combination of a surprise build in U.S. crude inventories reported Wednesday morning and renewed concerns about OPEC+ cohesion following reports of quota breaches by two member nations. Canadian oil-sands producers and intermediate E&P names listed on the TSX bore the brunt of the damage, with several large-cap energy names falling 4%–7% on the day. Pipeline operators softened the blow somewhat given their fee-based revenue models, but nonetheless closed in the red.

The News That Moved Markets

Three headlines shaped Tuesday’s tape. First, a U.S. Federal Reserve official signaled in a morning speech that the rate-cut cycle remains intact despite recent inflation data — a direct boost to risk appetite and gold’s safe-haven premium simultaneously. Second, the OPEC+ quota-breach reports hit newswires shortly after 10 AM ET, triggering the crude rout. Third, stronger-than-expected Canadian manufacturing PMI data for July — released pre-market — reinforced the view that the domestic economy is stabilizing, giving TSX bulls additional confidence to buy the open.

What to Watch Wednesday, August 5

Three items deserve attention before tomorrow’s open. The Bank of Canada’s Summary of Deliberations from its July rate decision publishes at 1:30 PM ET — any hawkish nuance could pressure rate-sensitive REITs and utilities that partially recovered today. On the commodities front, the EIA Weekly Petroleum Status Report (10:30 AM ET) will either confirm or contradict yesterday’s inventory-build rumours that crushed crude; a draw could trigger a sharp WTI snap-back. Finally, watch overnight Asian gold-futures trading: if bullion holds above $4,100 in Tokyo and Shanghai hours, Canadian senior miners could open to another leg higher when Toronto markets resume at 9:30 AM ET.