TSX slips as gold prices factor in potential US rate hike

The Toronto stock market finished lower as gold prices dropped to a three-week low on increasing expectations the U.S. Federal Reserve will raise interest rates later this year.The S&P/TSX index ended down 71.28 points at 13,791.88.Gold prices were also pulling back a day after the Fed meeting hinted at the possibility it could raise rates in December for the first time in seven years. The December gold contract plunged $28.80 to US$1,147.30 an ounce, while December copper fell four cents to US$2.32 a pound.Bombardier Inc to get US$1 billion from Quebec government to rescue troubled CSeriesSuncor touts performance to reiterate Canadian Oil Sands bidU.S. economy stutters, but doesn’t stallCrude oil prices for December added 12 cents to US$46.06 a barrel.In New York, the Dow Jones industrial average was down 23.72 points at 17,755.80, while the broader S&P 500 shed 0.94 of a point to 2,089.41 and the Nasdaq pulled back 21.42 points to 5,074.27.The Canadian dollar was up 0.15 of a cent at 75.95 cents as the greenback retreated against a number of major currencies.

Leave a Reply

Your email address will not be published. Required fields are marked *