Gold Rallies to One-Month High as Oil Prices Surge
Toronto futures rose on Wednesday as gold prices hit a one-month high and oil prices increased following a reported attack on a Saudi oil tanker. The S&P/TSX Composite index September futures gained 0.2% at 6:30 a.m. ET, building on the benchmark's record high from Tuesday.
Gold was up more than 2% at $1,960 an ounce, reaching its highest price in a month as hopes for a U.S.-Iran peace deal tempered some inflation concerns. Spot silver surged 2.7%. Shares of Kinross Gold (K.TO) rose 3.4% in premarket trading.
Oil prices gained after Yemen's Iran-backed Houthi rebels said they attacked a Saudi oil tanker in the Red Sea, dampening hopes that easing tensions with Iran could help restore shipping traffic and oil flows in the region. Brent crude futures were up 1.6% at $80.66, while West Texas Intermediate futures added 0.7% to reach $76.37.