Bay Street Seen Opening Higher On Rising Metal Prices

(RTTNews) - The Canadian market may open on a positive note Monday morning with rising precious metals prices triggering some strong buying in the materials sector. Energy stocks may be under pressure as oil prices fell.

Prices of the yellow metal and silver have risen sharply as the dollar fell after Fed Chair Jerome Powell said on Sunday that Federal prosecutors opening a criminal investigation related to his Senate Banking Committee testimony on the renovation of Fed office buildings, was another attempt by the U.S. President to influence the Central Bank's monetary policy.

Gold futures are up $93.30 points or 2.07% at $4,594.20 an ounce, while Silver futures are gaining $4.704 or 5.9% at $84.045 an ounce. Copper futures are up $0.1125 or 2.08% at 6.0250 per pound.

The Canadian market closed on a firm note on Friday thanks to gains in energy and materials sectors. The benchmark S&P/TSX Composite Index settled a new record closing high of 32,612.93, gaining 234.29 points or 0.72%.

Data released by Statistics Canada today revealed that the unemployment rate in Canada rose to 6.8% in December 2025 from 6.5% in the previous month, above market expectations of 6.6%.

The U.S. Labor Department's data showing employment increased by less than expected in the month of December has raised optimism about the outlook for interest rates.

Asian stocks closed on a positive note on Monday as a rally in Chinese AI stocks boosted sentiment. The global geopolitical situation as well as the escalation in tensions between the White House and the Federal Reserve limited gains. Equity markets in Japan remained closed for a holiday. European stocks are turning in a mixed performance today with investors mostly making cautious moves, following the developments on the geopolitical front and looking ahead to some crucial economic data from the region and the U.S.