Spot Gold: 339.95
April Gold High: 341.90
Spot Silver: 4.71
USD: 103.21
Gold, energy issues seen boosting Toronto stocks
Tuesday December 17, 8:55 am ET
>>Delano sees the Toronto Stock Exchange's gold index, which is home to some of the biggest gold miners in the world, posting a strong performance during the session as investors turn to the precious metal as worries intensify over tensions in the Middle East and other geopolitical concerns.<<
TORONTO, Dec 17 (Reuters) - Toronto stocks were set to open higher on Tuesday, with strong gold and energy issues expected to lift the market to its fourth straight positive showing.
"The gold sector is getting a huge shot in the arm from what is a tremendous rally in gold prices, so I wouldn't be surprised if golds are the story and we saw a higher open," said Andrew Delano, a market analyst at IDEAglobal in New York.
Delano sees the Toronto Stock Exchange's gold index, which is home to some of the biggest gold miners in the world, posting a strong performance during the session as investors turn to the precious metal as worries intensify over tensions in the Middle East and other geopolitical concerns.
Gold touched its highest level in more than five years on Tuesday as weakness in the dollar, rallying oil prices and fears of war with Iraq sent investors scurrying for the safe-haven asset.
Spot gold hit a high of $341.25 an ounce in London, its firmest level for the metal since June 1997.
The Toronto Stock Exchange's S&P/TSX composite index (Toronto:^GSPTSE - News) finished up 60.11 points, or 0.9 percent, at 6,724.37 on Monday, with resource stocks leading the way.
Gold issues jumped 2.8 percent, while energy issues climbed 1.3 percent as a three-week strike in Venezuela ate into supplies from the world's fifth-largest oil exporter, boosting crude prices.
About an hour before the start on Tuesday, U.S. equities futures were lower, indicating a weaker start to the session in the United States. However, Delano sees Canada bucking the negative trend, helped by the stronger resource issues.
"Gold has become the currency of default right now and people are buying a lot of bullion and that seems to be the main thrust on the market right now. And that is doing its part to drive the TSX," Delano said.
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