Oct 28 (Reuters) - Futures linked to Canada's

resource-heavy main stock index fell on Tuesday as commodity

prices declined sharply, while investors awaited central bank

rate decisions and a flurry of corporate earnings that could

test the market's recent rally.

December futures on the S&P/TSX index were down

0.3% at 05:57 a.m. ET (0957 GMT).

Gold prices tumbled to a near three-week low as

growing optimism surrounding a potential U.S.-China trade

breakthrough diminished the appeal of safe-haven assets.

The decline follows Monday's session where the Toronto Stock

Exchange's composite index edged lower as gold pulled

back below $4,000 per ounce, weighing on previously soaring

mining shares.

Despite the setback, the precious metal's nearly 50% surge

this year has partly helped the benchmark index to gain 22.4%.

The commodities retreat extended beyond precious metals,

with copper prices easing as investors secured profits following

the previous session's record-setting rally.

Meanwhile, oil markets, saw prices slide over

2% as traders evaluated the implications of U.S. sanctions

against Russia's two largest oil producers alongside reports of

OPEC+ potentially increasing production.

Market participants will now shift their focus to monetary

policy announcements, with the Bank of Canada expected to

implement a 25-basis-point interest rate cut Wednesday - in what

would be its second consecutive reduction.

South of the border, the U.S. Federal Reserve is widely

expected to deliver a quarter-point cut.

Additionally, several technology giants among the

"Magnificent Seven" are scheduled to report earnings this week,

with investors expecting strong results to justify the lofty

valuations that have driven Wall Street indexes to record

territories.

In corporate developments, data center infrastructure

provider Celestica ( CLS ) raised its 2025 revenue outlook and

reported third-quarter revenue and profit above analyst

expectations.

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