12:27 PM EST, 01/24/2025 (MT Newswires) -- The Toronto Stock Exchange is up 56 points at midday, boosted by gains in technology (+1.4%).

Energy, down 1%, is the biggest decliner.

Oil prices rose early on Friday, rebounding from five losing sessions, after U.S. President Donald Trump roiled markets by urging Saudi Arabia to bring down oil prices and continued to threaten stiff tariffs on imports from Canada.

Gold prices rose, moving close to the record high set in October, as the dollar weakened and safe-haven buying rose.

But natural gas prices were sharply lower as long-term forecasts warm and a report showed that storage fell by less than expected last week.

Despite recent gains on the TSX, concerns and uncertainty around a potential tariffs war with the United States, Canada's largest trading partner, continue to weigh on sentiment.

Rosenberg Research said it is getting asked what the Bank of Canada's reaction will be from the Trump tariffs, assuming they come to fruition. Its model shows that the BoC will cut rates by 100 basis points more than currently is the case (to a 1.5% policy rate), leading to a 10% hit to the loonie and 2.5% 10-year GoC bond yields. Rosenberg Research said the economy will still take a hit (a -2.0% real GDP contraction; over 400k jobs lost). Focus your TSX exposure on the "bonds in drag" (Banks, REITs, Communication Services, and Utilities) and the beneficiaries of a weaker Canadian dollar, it added.

Elsewhere, The Conference Board of Canada is forecasting the domestic economy will grow 1.5% in 2025 as the potential for U.S. tariffs on Canadian exports and a pullback in immigration weigh on growth, The Canadian Press has reported. It cited Cory Renner, associate director of economic forecasting at the Conference Board, saying that while declining interest rates have alleviated some pressure, uncertainty surrounding trade and the impact of weaker population growth are dragging on growth prospects for 2025. The pace of growth is forecast to increase to 1.9% in 2026.