04:15 PM EDT, 03/11/2024 (MT Newswires) -- While trade on Canada's main stock market was dominated by profit takers over the period stretching from Friday in to early on this Monday, investors who still believe there is value to be found on the Toronto Stock Exchange re-emerged and dominated proceedings over the rest of today's session, in the end pushing the index to gains of more than 30 points and back to near the 21,770 level.

Today, the resources heavy TSX -- which went close to the 21,900 level and record high levels last week -- was also boosted by a rebound to record highs for the gold price, while a further slip in the oil price capped gains.

In giving a sense of just how important the oil price is to the health of the TSX, Wells Fargo Investment Institute in its latest Investment Strategy Report noted Monday that oil has repeatedly found support between US$60 and $70 over the past few years and seems to have done so again. WFII said a further rise in oil from current levels should boost the commodities asset class and the energy equity sector, while putting upward pressure on inflation expectations.

Of commodities today, gold closed at a seventh-straight record high even as the dollar and treasury yields rose ahead of US inflation data coming on Tuesday. Gold for April delivery closed up $3.10 to settle at US$2,188.60 per ounce.

But West Texas Intermediate crude oil closed with a small loss, falling for a third session on expectations for weaker demand as China's economy weakens. WTI crude for April delivery closed down $0.08 to settle at US$77.93 per barrel, while May Brent crude, the global benchmark, was last seen up $0.05 to US$82.13.

Of sectors, just about more of them made modest gains than made modest losses.

In terms of direction from economic data, BMO Economics in its morning note, noted the two key U.S. releases this week are consumer prices (Tuesday) and retail sales (Thursday). BMO said higher gas prices should boost the CPI 0.4% in February, while holding the yearly rate steady at 3.1%. And it said core prices "likely cooled a tad", with a 0.3% monthly gain allowing the yearly rate to ebb two tenths to 3.7%. BMO added: "While the Fed pays more attention to the PCE deflator (which is running at 2.4% headline and 2.8% core), policymakers would gain more confidence in the inflation outlook if both reports showed less heat in shelter costs and overall services prices."