North American stock markets were relatively flat Friday, while the price of oil rebounded after dropping nearly US$2.50 a barrel the day before.
The S&P/TSX composite index inched forward 6.20 points to 15,416.93 as the gold sector led the way.
The June gold contract soared US$11.70 to US$1,268.10 an ounce, while the S&P/TSX global gold index gained 0.74%.
“We’re still seeing the U.S. dollar sub-performing and I think that’s giving gold some support,” said Andrew Pyle, a senior wealth adviser at Scotia Wealth Management.
The U.S. dollar’s lacklustre performance comes in part from doubts about whether the U.S. Federal Reserve will raise rates at its June meeting, as well as economic conditions not showing enough acceleration, he said.
Meanwhile, the July crude oil contract rose US90¢ to US$49.80 per barrel, helping the energy sector in Toronto gain 0.39%.
The increase came a day after investors showed disappointment over OPEC’s decision to extend production cuts by nine months. Some had hoped for deeper and longer cuts.
“A little bit of a bounce back was to be expected today,” Pyle said. “I think yesterday’s drop was probably exaggerated.”
In New York, the Dow Jones industrial average shed 2.67 points to 21,080.28. The S&P 500 index gained a meagre three-quarters of a point to a record-high 2,415.82, while the Nasdaq composite index rose 4.93 points to a record-high 6,210.19.
The U.S. markets will be closed Monday for the Memorial Day holiday.
The Canadian dollar fell 0.01 of a U.S. cent to an average price of US74.32¢.
Elsewhere in commodities, the July natural gas contract advanced US3.5¢ to US$3.31 per mmBTU and the July copper contract shed about US3.2¢ to roughly US$2.57 a pound.