TSX Soars as Mining Stocks Track Higher Precious Metals Prices

The Toronto Stock Exchange (TSX) had a strong opening on Thursday, rising by 348.66 points to 35,839.93 as mining stocks tracked higher prices of precious metals.

This boost was also attributed to the US Federal Reserve's focus on fighting inflation, which lifted broader risk appetite.

The Canadian dollar inched up by 0.07 cents to 71.56, and Bank of Canada Governor Tiff Macklem reiterated that inflation is likely to remain elevated in the near term, paving the way for potential rate hikes.