TSX climbs like gold shines; Bank of Canada has rates

(Morning Prizes Updates) by Ragini Mathur on April 16 (Reuters) – Canada’s most important stock index climbed on Wednesday as rising gold prices increased material shares, while the Bank of Canada borrowed costs at its interest rate meeting. The S&P/TSX compound index of Toronto Stock Exchange increased 0.3% to 24,135,11 points. The Bank of Canada held its key policy rate at 2.75%, its first break after seven consecutive cuts, and warned that the US tariffs could cause inflation and a deep recession in Canada. After the decision, the Canadian government bond yields rose over the curve; The loonie trades 0.38% for the Greenback. Materials Group led the profits, by 2%, while gold mines rose after the yellow metal prices extended their record run to violate $ 3,300 per ounce. “Gold that strikes new highlights will support Canadian markets, and it is clear that it was strong due to inflation hedging, the geopolitical uncertainty as well as many central banks that increase their golden reserves,” says Ian Chong, portfolio manager at First Avenue Investment Counsel. Energy shares also jumped 1.7%, as oil prices rose by about 1% after the market drew some strength from the possibility of trade talks between China and the US and a report that Iraq would reduce oil production in April. The shares of information technology were almost 1%lower, and detected losses on the technical heavy Nasdaq after AI Darling Nvidia received a hit from US restrictions on the sale of chips to China. Trump on Wednesday ordered an investigation into potential new rates on all imports of US critical minerals, above -in -the -time reviews in pharmaceutical and chip imports. Later in the day, the comments of the Federal Reserve Jerome Powell’s remarks will draw attention to investors seeking clarity on the strategy of the central bank to address recent market volatility and growing economic problems. (Reporting by Ragini Mathur in Bengaluru; Editing by Sahal Muhammad) first published: 16 Apr 2025, 08:03 IST