04:18 PM EDT, 09/03/2025 (MT Newswires) -- The Toronto Stock Exchange closed Wednesday at another record high for the eighth time in the last nine sessions, with markets given a fresh boost as the first update in days on how trade talk between Canada and the United States is progressing was largely positive.

Even with commodity prices mixed the resources heavy S&P/TSX Composite Index was up 135.74 points, or near 0.5%, to 28,751.36 today, having risen 51.17 points a day earlier. Most sectors were higher Wednesday, with Base Metals up 1.9% and the Battery Metals Index up 1.5%, and Info Tech up near 1.4%. Energy was down 1.7% and Health Care down 1.3%.

For some perspective on how the index has soared in a month, the TSX closed at a record high of 27,920.87 on the first Wednesday of August. Indeed, it closed at a then record 27,570.88 the day before that, Tuesday, August 5, after the Civic Holiday weekend.

After a few days when trade talk didn't dominate national news, at least in this country, it was again a top topic today after Prime Minister Mark Carney confirmed to reporters that he spoke with U.S. President Donald Trump "at length" on Monday evening, and called it a "good" conversation. "We spoke at length on a wide range of issues, including on trade, but geopolitical, other issues, labour issues, et cetera," Carney said ahead of a meeting with his cabinet on Wednesday.

When asked when Canadians can expect to see results from trade talks with the U.S., Carney reiterated that Canada already has "the best trade deal of any country in the world," because 85% of Canadian trade with the U.S. is tariff-free.

But Carney did hint at some possible relaxation in tariffs on strategic sectors such as steel, aluminum and autos, among others, although he did not provide a timeline on this. "Don't expect immediate white smoke on one of these strategic sectors, but that's the type of conversation that we're having, and we'll continue to have as well."

Of commodities, gold traded at a record high late afternoon Wednesday, topping US$3,600 an ounce for the first time as traders bet on a Federal Reserve rate cut and safe-haven buying rises amid stagflation concerns. Gold for December delivery was up $28.50 to US$3,620.70 per ounce, up from Tuesday's record close of $3,592.20.

But West Texas Intermediate crude oil closed lower following a report that OPEC+ is considering another production increase next month, days after fully restoring 2.2-million barrels per day of supply cuts with a final 548,000 bpd hike. WTI crude for October delivery closed down $1.62 to settle at US$6397per barrel, while November Brent oil was last seen down $1.60 to US$67.50.