TSX Drops as Gold Prices Fall and Telus Shares Plummet

The Toronto Stock Exchange (TSX) declined on Friday, July 31, 2026, weighed down by losses in mining shares and a significant drop in Telus stock following its dividend cut.

Gold prices fell roughly 1.5% and silver dropped more than 2%, contributing to the decline of heavyweight gold miners, which slipped over 2%. Eldorado Gold, Southern Cross Gold Consolidated, and DPM Metals each lost between 5% and 7% as a result.

Telus shares plummeted over 11% after the company reported a second-quarter loss and cut its quarterly dividend by 55%, leading to a noticeable decline in the telecommunications sector for the session.