TSX May Climb To Fresh Record Highs

(RTTNews) - Canadian shares look set to extend recent gains, and the benchmark S&P/TSX Composite is seen climbing to new highs Wednesday morning as metal stocks may see another round of buying, tracking firm precious metal prices.

Geopolitical tensions may render the mood a bit cautious, but expectations of more monetary easing by the Federal Reserve may outweigh that concern. With Christmas holidays ahead, volumes may remain a bit thin.

In economic news, data from Statistics Canada showed Canadian real gross domestic product contracted 0.3% in October. Meanwhile, according to preliminary estimates, Canada's GDP edged up by 0.1% in November.

Stocks closed on a strong note on Bay Street on Monday, lifted by an upswing in metal prices that aided mining stocks. Front Month Comex Gold for December delivery rose sharply to $4.444.60 an ounce, gaining $83.20 or nearly 2%.

After opening a little above the previous week's close, the benchmark S&P/TSX Composite Index climbed to a fresh record high and traded firmly positive throughout the session before settling at 32,000.10, up by 244.33 points or 0.77%.

Asian stocks closed higher on Tuesday, extending recent gains, amid renewed optimism around AI-related shares that fueled a rally on Wall Street. Hopes of further monetary easing by the Federal Reserve helped as well.

European stocks are turning in a mixed performance amid geopolitical concerns due to rising Russia-Ukraine tensions, and U.S. - Venezuela spat. Also, with most of the major markets set to remain close for much of the remaining part of this week, traders seem to have moved to the sidelines.

In commodities trading, West Texas Intermediate Crude oil futures are up $0.17 or 0.27% at $58.18 a barrel.

Gold futures are gaining $53.30 or 1.2% at $4,522.70 an ounce, while Silver futures are up $1.825 or 2.67% at $70.390 an ounce.