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TSX falls 1.3%

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Miners drag the index

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Inflation edges down to 2.3% in January

(Updates throughout, adds details and analyst comments)

By Utkarsh Hathi

Feb 17 (Reuters) - Canada's main stock index slipped on

Tuesday, dragged down ​by commodity-linked shares after a

pullback in precious ‌metals and oil prices, while investors

assessed January inflation data.

The S&P/TSX Composite Index was ⁠down 1.32% at

32,633.82 points as of 10:24 a.m. ET.

The gold index ⁠led the sectoral losses with a 4.3%

dip, ‌as gold dipped ‌to a more than one-week low,

pressured by a stronger U.S. dollar.

Silver slid 5%, ​and copper prices also weakened on

rising ‌inventories. The broader materials index,

which includes metal miners, fell 4.3%.

Energy shares declined 1.3%, as oil prices fell

after ​Iran's foreign minister said the ​United States ‌and Iran

had reached an understanding on the main "guiding principles" of

their nuclear talks, easing supply disruption concerns.

Wall Street indexes S&P ⁠500 and Nasdaq were down 0.4% and 1%

respectively, with investors ⁠still on edge about AI-triggered

disruption.

The tech stocks on TSX were down 1.2%, retreating

after the sector had gained on Friday to halt the losing streak.

"Investors are jumping in and out very ⁠quickly without ‌doing

any fundamental analysis," said Shiraz Ahmed, founder at

Sartorial ‌Wealth.

"The money on the street would probably agree that the ⁠AI

story is still in its infancy. But the obvious winners and

losers are very difficult to predict."

Canada's annual inflation in January accelerated at a slower

pace than the previous month as gasoline prices dropped, keeping

expectations for the Bank of Canada to pause rate cuts intact.

Limiting the declines, consumer ​staples gained

0.7%, and industrials rose 0.8%.

The heaviest weighing financials also added 0.1%.

Investors will also turn their attention to minutes of the

Federal ​Reserve's January meeting due on ‌Wednesday.