Adding onto yesterday's gains, Canadian stocks climbed on Tuesday, with a recovery in gold and crude oil lifting mining and energy shares, which supported the index on the upside. However, a slump in the tech sector limited the gains.
After opening above yesterday's close, today the benchmark S&P/TSX Composite Index remained volatile throughout the session before settling at 32,388.60, up by 204.72 points (or 0.64%).
Eight of the 11 sectors posted gains today, with the materials sector leading the pack.
Gold prices rebounded from the nosedive seen over the two previous sessions, as global investment bank JPMorgan's updated report on gold prices revived investor spirits.
Yesterday, the bank updated its 2026 price target for gold to $6,300 per ounce. The report predicted an upward trajectory in 2026 for central banks' gold demand and projected their purchases to go up 800 tons.
In addition, while UBS projected the yellow metal moving past $6,200 per ounce, Deutsche Bank reaffirmed its forecast for gold at around $6,000.
In their previous forecasts, Morgan Stanley, Goldman Sachs, and Citi anticipated gold to hit around $5,700, $5,400, and $5,000 in 2026, respectively.
According to the World Gold Council, gold's annual average price jumped to $3,431 per ounce in 2025, around a 44% increase from the previous year.
Gold prices skyrocketed by more than 5% today.
U.S. President Donald Trump warned Iran of severe attacks if they fail to strike a deal with the U.S. on their nuclear program. Prior to this, a massive U.S. naval fleet came close to Iran, triggering war concerns.
Yesterday, Iran's President Masoud Pezeshkian announced that he has ordered his team to schedule talks with the U.S. to discuss Iran's nuclear programs. Following this, oil prices eased off.
However, today the geopolitical risk premium renewed, with experts discounting any bilateral deal happening soon. In addition, weakness in the U.S. dollar index supported oil prices on the upside.
As a result, gold-linked stocks and energy stocks in Canada's market zoomed higher, supporting the index on the upside.
In the U.S., yesterday, the Bureau of Labor Statistics announced that it will not be releasing the nonfarm payrolls data as scheduled due to the partial government shutdown.
After the previous funding bill's term to support the federal machinery running ended on January 30, Senate Democrats and Republicans came to an agreement to strike a deal.
The House of Representatives today advanced five appropriations bills plus a short-term spending measure for the Department of Homeland Security. President Donald Trump signing the legislation will end the shutdown.
In the U.S. most of the tech shares traded negatively, with Canada's tech sector experiencing a ripple effect.
Major sectors that gained in today's trading were Materials (4.09%), Consumer Staples (2.73%), Energy (1.87%), Utilities (1.29%), and Healthcare (1.01%).
Among the individual stocks, Hudbay Minerals Inc (8.59%), Lithium Americas Corp (8.49%), Aya Gold and Silver Inc (8.42%), Vermillion Energy Inc (6.14%), and International Petroleum Corp (5.01%) were the prominent gainers.
Major sectors that lost in today's trading were Financials (0.26%), Real Estate (1.51%), and IT (5.03%).
Among the individual stocks, Dye & Durham Ltd (10.13%), Shopify Inc (9.66%), Descartes Sys (9.01%), Coveo Solutions Inc (8.58%), and Altus Group Ltd (10.59%) were the notable losers.
Energy Fuels Inc (16.33%), Taseko Mines Ltd (13.93%), and Ivanhoe Mines Ltd (8.63%) were among the prime market-moving stocks today.
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Market Analysis
January 30, 2026 15:51 ET The Federal Reserve policy decision was the main event in the final week of January, which saw a heavy flow of economics news. Several data reflecting the trends in the U.S. economy were also released during the week. The interest rate decision from Canada also was in focus. In Europe, economic sentiment data gained attention. The policy decision from Singapore was the highlight in Asia.