(Update with market opening prices)
By Ragini Mathur
Jan 9 (Reuters) - Canada's main stock index edged higher
on Thursday in thin trade, supported by metal mining shares,
while investors awaited monthly jobs data from Canada and the
U.S. for clues on future interest rates.
The S&P/TSX composite index was up 0.09%, or 22.36
points, at 25,074.04.
Trading volumes were lighter than usual, with the U.S. stock
market closed for the day to mark the national day of mourning
following the death of former president Jimmy Carter.
On TSX, materials led the gains by rising 1.3% as
gold prices jumped to a near four-week high, supported by
safe-haven demand.
On Friday, the market will turn to U.S. nonfarm payrolls
data to gauge the direction of inflation and the Federal
Reserve's policy rate path.
At its last monetary policy meeting in December the Fed
signaled a more cautious pace of rate cuts, but analysts said
the mood could be shifting.
"One realization that has been taking hold in the U.S. is
the fact that the battle with inflation could be a longer," said
Shiraz Ahmed, senior portfolio manager and founder of Sartorial
Wealth at Raymond James.
Canadian employment figures, also due on Friday, will set
the tone for policy easing by the Bank of Canada.
"In the U.S, the job market's been quite resilient relative
to Canada. And I think Canada's unemployment numbers will slowly
be continuing to rise as time progresses," Ahmed said.
One possible source of inflation could be threatened tariffs
from President-elect Donald Trump.
A report on Wednesday said Trump was considering a national
economic emergency to allow for new tariffs.
Another report on Thursday said Ottawa was considering
retaliatory tariffs on U.S. products, including orange juice,
should Trump impose a 25% tariff on goods imported from north of
its border.
Among individual stocks, K92 Mining ( KNTNF ) shares rose 16%
to the top of the index.