TSX Futures Slide as Gold Tumbles on Hawkish Fed Chair

Futures tracking the S&P/TSX Composite Index fell on Friday, pressured by a sharp drop in gold prices and weaker oil quotes. Gold plunged nearly 5% as the dollar rebounded, pressuring Agnico Eagle, Barrick, Wheaton Precious Metals, and Franco-Nevada, which had already declined in the previous session. Metals came under pressure as traders cut speculative trades, also catalyzed after US President Trump nominated Kevin Warsh as the new Fed Chairman, who earlier took stances as an inflation hawk. Oil prices also retreated as concerns over supply disruptions in Iran eased, putting additional pressure on energy stocks. On the macro front, investors await Canadian GDP data. In other news, Trump threatened to decertify Bombardier Global Express business jets and impose 50% import tariffs on Canadian-made aircraft, unless Canadian regulators certify planes produced by US rival Gulfstream.