TSX futures rise as gold and silver miners surge

Investing.com -- Canada’s main stock index was trading higher on Monday ahead of the market open, following a positive lead from Wall Street as a year-end rally gains traction.

S&P/TSX 60 Futures Index Standard Futures looked set to gain 0.3%. This follows a record-breaking session for the Toronto Stock Exchange’s S&P/TSX Composite composite index, which recently notched a record high of 31,755.82.

Sentiment boosted by soft U.S. CPI release

Sentiment has been boosted in Canadian trade after a softer-than-expected U.S. consumer price index inflation reading for November advanced expectations that the Federal Reserve will cut interest rates further in 2026. Investors are looking ahead to further gains in the new year, even as trading volumes thin during the holiday-shortened week.

However, market participants are keeping a close eye on a handful of upcoming U.S. data releases. This includes a delayed third-quarter GDP report due later today, though analysts note it is backward-looking as it reflects conditions prior to the recent government shutdown. More attention is expected to fall on December consumer confidence data from the Conference Board later this week.

Gold and silver miners surge to records

Shares of gold and silver miners advanced on Monday after both metals pushed to fresh record highs. The rally has been driven by geopolitical tensions and expectations of easier U.S. monetary policy, reinforced by calls from U.S. President Donald Trump for looser conditions.

XAU/USD rose 1.9% to $4,422.71 an ounce, after touching an intraday peak of $4,427.59. Silver also surged, with XAG/CAD prices gaining 2.5% to C$94.86/oz after hitting a record $95.79/oz earlier in the session.

In turn, mining stocks tracked the move higher. Newmont was up 2.9% in premarket trading, while Barrick Mining, Agnico, and Royal Gold all posted gains of more than 2%. Among silver producers, Pan American Silver added 3.7% and Wheaton gained 2.4% before the U.S. open.

Crude rises amid Venezuelan tanker seizures

Oil prices rose in early trade on Monday following reports that the U.S. is pursuing a third Venezuelan oil tanker after seizing another vessel over the weekend. The Trump administration has harshened its rhetoric against Venezuela in recent weeks, adding a risk premium to the energy market.

Tensions in the Middle East also supported prices, with reports suggesting Israel is planning to brief the U.S. regarding potential actions against Iran’s nuclear efforts.

Brent Oil Futures futures for February rose 1.3% to $61.88 a barrel, while Crude Oil WTI Futures crude futures rose 2.4% to $57.89 a barrel. Despite the daily gain, markets remain wary of the broader supply-demand balance heading into 2026.

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