Higher gold prices help TSX to move higher and offset latest recession warning

Higher gold prices help TSX to move higher and offset latest recession warning
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TORONTO — Higher gold prices pushed Canada’s main stock index higher, blunting the latest warnings in the U.S. of a potential recession.

The S&P/TSX composite index closed up 84.80 points at 16,183.59.

In New York, the Dow Jones industrial average was down 120.93 points at 25,777.90. The S&P 500 index was down 9.22 points at 2,869.16, while the Nasdaq composite was down 26.79 points at 7,826.95.

The Canadian dollar traded for an average of 75.37 cents US, compared with 75.31 cents US on Monday.

The October crude contract was up US$1.29 at US$54.93 per barrel and the October natural gas contract was down 4.1 cents at US$2.19 per mmBTU.

The December gold contract was up US$14.60 at US$1,551.80 an ounce and the September copper contract was up 0.4 of a cent at US$2.55 a pound.

 

Companies in this story: (TSX:GSPTSE, TSX:CADUSD=X)

 

The Canadian Press

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