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TSX May Open Higher As Gold Maintains Strength

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Canada's benchmark index looked set to open higher on Thursday as gold, silver, and copper prices rose, although oil was under pressure after the American Petroleum Institute's (API) inventory report.

Stock futures for the March quarter on the S&P TSX index were up 0.02% recently.

Action Economics ( AE ) said the modest overnight rally in gold came on the back of a weaker dollar, and a softer risk-taking backdrop. Traders will look ahead to 2017 now, with gold price direction to be determined largely by where the dollar goes, and how the Fed's rate hike projections pan out, AE added.

The API reported a 4.2 million barrel weekly build in U.S. crude stocks. The market had been looking for a 1.5 million barrel decrease.

The TSX gained 35 points on Wednesday, led by materials.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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