04:19 PM EDT, 09/23/2024 (MT Newswires) -- The Toronto Stock Exchange posted a third-straight record high on Monday, edging up in a volatile session as the boost from last week's cut to U.S. interest rates eases.

The S&P/TSX Composite closed up 27.34 points to 23,894.71, with the index ranging between 23,807.7 and 23,96144. The biggest decliners on the day were Health Care, down 0.73%, and Telecoms down 0.5%. The biggest gainers were Energy and InfoTech, with both up 0.7%, followed by Base Metals and Utilities, up 0.4%.

Oil closed lower on Monday as weak demand from China offset rising geopolitical risk after Israel launched major attacks on the Iran-backed Hezbollah militia in Lebanon. WTI crude oil for November delivery closed down US$0.63 to settle at US$71.06 per barrel, while November Brent crude, the global benchmark, closed down US$0. to US$0.59 to US$73.90

Gold traded at a record mid-afternoon on Monday, rising for a fifth-straight session as the Federal Reserve last week made its first cut to interest rates in four years and indicated more are on the way.

Gold for December delivery was last seen up US$6.30 to US$2,652.50 per ounce, a tad above Friday's record close of US$2,646.20.

Last week's Federal Reserve's 50 basis points cut to interest rates,, its first in four years, spurred markets, sending the TSX to a new record high.

BMO Economics said in a morning note that "while all major core measures are running below 2.5% year-over-year," the Bank of Canada will surely have an eye on the growth numbers over the coming weeks, "but that's a pretty bright green light to cut rates, especially with the Fed now also on the move."

In Canada, the publication of July's GDP data will be released at the end of this week. Judging from industry-level reports published to date, economic output may have expanded 0.1% in the month, boosted by gains in finance and insurance, manufacturing and retail trade, according to National Bank of Canada.

On the central bank's trail, Bank of Canada Governor Tiff Macklem will take part in a fireside chat at the Institute of International Finance (IIF) and The Canadian Bankers Association Canada Forum 2024 on Tuesday, National Bank noted.