04:12 PM EDT, 05/06/2025 (MT Newswires) -- The Toronto Stock Exchange closed with a modest gain on Tuesday as Canadian Prime Minister Mark Carney and U.S. President, Donald Trump staged a cordial meeting in Washington, even though there were no signs of a quick end to a trade war between their respective nations.

The S&P/TSX Composite Index closed up 21.20 points to close at 24,974.72. Among sectors, Energy and Base Metals were the biggest gainers, up 1.13% and 1.12%, respectively. Health Care, down 1.84%, was the biggest decliner.

Today's meeting between Carney and Trump ended with no indication when a costly trade war between Canada and the United States will end. When asked if there was anything Carney could say today that would lead the United States to lift tariffs on Canadian goods, Trump replied, "No." When a reporter asked why not, Trump said, "It's just the way it is."

Also, Trump repeated that the United States does not need Canadian auto and key metals exports, at least during the televised portion of the Oval Office meeting. Trump also reiterated that he feels it would be much better for Canada to be a state, within the United States, but Carney said Canada "is not for sale (and) won't be for sale ever."

While Carney said CUSMA, the free trade agreement between Canada, the United States, and Mexico, "is a basis for a broader negotiations," Trump indicated he will not walk away from that deal, which was signed during his first term as President. "No, it's fine. It's there. It's good," the President said.

Of commodities, gold prices rose to a record late afternoon on Tuesday, on strong physical demand and as the dollar weakened. Gold for June delivery was last seen up $110.00 to US$3.432.20, topping the April 21 record close of US$3.425.30.

West Texas Intermediate crude oil rebounded from a four-year low on Tuesday as traders bought the dip even as OPEC+'s weekend decision to add another outsized tranche of supply to the market in June threatens to push the market into surplus. WTI oil for June delivery closed up $1.96 to settle at US$59.09 per barrel, rising off a February 2021 low, while July Brent crude was last seen up US$1.96 to US$62.19.