TSX Eyes Positive Open as Gold Hits Record Highs Amid Tariff Tensions

The S&P/TSX Composite Index is expected to open higher on Friday, buoyed by a rally in the materials sector. This optimism comes as gold futures surged to a fresh record high of $3,247.90 per ounce, supported by a weakening U.S. dollar and heightened global economic uncertainty. The market remains highly volatile following a dramatic swing this week. After a 5.4% surge on Wednesday triggered by President Donald Trump's announcement of a 90-day pause on reciprocal tariffs, the benchmark index plunged 3% on Thursday as traders locked in profits, closing at 23,014.87. On the domestic front, Prime Minister Mark Carney is scheduled to meet with top cabinet officials to strategize against the threat of U.S. tariffs. This internal focus coincides with broader global anxiety, as European markets trend lower due to fears that a prolonged trade war between Washington and Beijing could stifle global growth. In corporate news, Corus Entertainment (CJR-B.TO) reported a significant widening of losses, posting an adjusted net loss attributable to shareholders of $42.7 million, or $0.21 per share, for the quarter ended February 28, 2025. This compares to a loss of $5.9 million in the prior year's period. Other commodities showed strength heading into the session, with copper rising 2.71% to $4.4380 per pound and silver climbing 2.17% to $31.425 an ounce. West Texas Intermediate Crude oil futures saw a modest increase of 0.52% to $60.38 a barrel.