Canada’s main stock market, the Toronto Stock Exchange, closed down more than 100 points Friday amid lower commodity prices and likely some profit taking after setting a record close – albeit by a single point — yesterday.
Among commodities, gold prices fell off from a record high on Friday as the dollar rose to a month high. Gold for June delivery closed down US$24.90 to settle at US$2,181.60 per ounce, a day after closing above the US$2,200 mark for the first time. The price of the metal is being buoyed by expectations lower interest rates are on the way after the Federal Reserve this week forecast rate cuts of 75 basis points this year, even as it left its benchmark rate at a 23-year high.
Also, West Texas Intermediate crude oil closed lower on Friday, falling for a third day as the dollar rose. WTI crude for May delivery closed down US$0.44 to settle at US$80.63 per barrel, while May Brent crude, the global benchmark, closed…
