TSX Hits Record Amid Gold Miner Rally

The TSX Composite Index reached a record high on Friday, climbing 0.7% to 36,381. The surge in gold prices was a key driver of this increase, with weaker-than-expected US labor data and lower energy prices reducing expectations of a Federal Reserve rate hike.

Gold miners led the charge, with Agnico Eagle rising 5.9%, Barrick gaining 5%, and WPM jumping 6.6%. Other gold miners also saw significant gains, ranging from 2.6% to 14%.

Tech stocks also benefited from the positive sentiment, with Shopify increasing 2.4%. However, financials underperformed after stronger-than-expected Canadian jobs data increased the likelihood of a Bank of Canada rate hike if inflation pressures persist. RBC fell 0.7% and TD Bank lost 0.4%.