Gold, Brent, the Canadian dollar and WTI all rose Friday even as the TSX Composite slipped, with WTI adding 0.40% to settle near $81.68 despite stalled diplomatic talks over the Strait of Hormuz. That non-reaction marks a shift from earlier in the week, when similar headlines had moved Brent several dollars within hours. An IEA demand downgrade and a 17.4 million barrel jump in US crude inventories, the largest weekly build since January 2023, did more to move prices Friday than the geopolitical rhetoric itself.
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The TSX Composite pulled back roughly 86 points Friday, a 0.24% decline that reversed Thursday's fourth consecutive record close.
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Brent was the only one of the three to finish above its starting level, while the index and gold both fell.
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The Bank of Canada held its policy rate at 2.25% for a seventh straight time, yet Canadian yields rose as United States yields surged.
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The index fell for the month even though Brent crude gained and the Strait of Hormuz stayed shut, because rising United States bond yields outweighed oil and gold.
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Canadian yields drifted higher through August even though the Bank of Canada held its policy rate at 2.25% and had no decision to make during the month.
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Gold rallied and gold miner shares carried the TSX higher, while Brent ended the month close to where it began.
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