On Friday, the S&P/TSX Composite Index experienced a decline of 0.4%, closing at 26,504. This retreat came after reaching a peak on Thursday, spurred by mounting tensions between Israel and Iran, which prompted investors to seek refuge in safer assets. The dip resulted from Iran’s counterattack on Israel’s nuclear and missile facilities, with reports of over 100 missiles being launched, escalating fears of a broader conflict. This tension contributed to an increase in the prices of gold and crude oil. Crude oil prices surged by 7%, benefiting energy stocks such as Canadian Natural Resources, which gained 2.7%, Suncor, up by 4.3%, and Imperial Oil, which advanced 3.4%. Gold prices also saw a 1% rise due to the intensified geopolitical risk, boosting shares of Agnico Eagle by 1.9% and Barrick Gold by 2.8%. Despite this setback on Friday, the index achieved its third consecutive weekly gain, rising by 0.6%. Support for this positive trend came from optimism surrounding a potential trade agreement between Canada and the United States ahead of the G7 summit. U.S. Treasury Secretary Scott Bessent confirmed his attendance at the summit in Canada, where he will accompany President Donald Trump to meet with Prime Minister Mark Carney.
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