04:21 PM EST, 02/10/2026 (MT Newswires) -- The Toronto Stock Exchange closed at another record high on Tuesday, climbing for a third session as Canadian investors continue to put a recent period of equity-market volatility behind them as Wells Fargo says "we do not believe that the bull market is over" for gold, while it also noted international equities are outperforming those in the United States.

The S&P/TSX Composite Index closed up 233.51, or 0.7%, to 33,256.83, adding to the more than 1,000 points gained over the prior two days and taking it to its first record finish since January 28, two days before the index lost near 1,100 points and started a roller-coaster ride for investors that lasted a week.

Most sectors were higher Tuesday, led by the Battery Metals Index (up 3.75%). Gains were capped on losses for Energy (down 0.1%) and Base Metals (down 0.75%).

Reflecting the losses for those sectors, West Texas Intermediate crude oil closed lower Tuesday on an over-supplied market even as traders continue to award the commodity a risk premium as a U.S. fleet remains offshore Iran. WTI crude oil for March delivery closed down $0.40 to settle at US$63.96 per barrel, while April Brent oil was last seen down $0.18 to US$68.86.

Also, gold traded lower late afternoon on Tuesday, but remained above the US$5,000 mark for a second day, as U.S. retail sales came in flat in December from the prior month, showing a slowing U.S. economy and pushing investors away from risk assets, while there were also reports that China ordered banks to reduce their holdings of U.S. debt. Gold for March delivery was last seen down US$27.00 to US$5,052.40 per ounce.

In asking itself 'Is Gold Losing its shine?, Wells Fargo Investment Institute (WFII) in its latest 'Strategy' report said no. Its view is that gold should continue to benefit from persistent geopolitical uncertainty, macroeconomic volatility, and continued central-bank demand. Reflecting this view, WFII has raised its 2026 year end price forecast to US$6,100 to $6,300 and sees pullbacks as "opportunities for investors to increase exposure".

In the same report, WFII noted that since tariff Liberation Day on April 2, 2025, international equities have outperformed the S&P 500 Index. It said Emerging Market equities, as measured by the MSCI Emerging Markets Index, have been the strongest performer, outperforming the S&P 500 Index by nearly 13%, while Developed Market ex-US equities, as measured by the MSCI EAFE Index, have outperformed by 4% through Feb. 2.

Driving this rotation into international equities has been a turn lower in the U.S. dollar, strengthening global growth, and uncertainties around U.S. trade policies, WFII said. Also, it added, concern about "frothy valuations" for U.S. Large Cap Equities has been at the top of many investors' minds.