04:19 PM EDT, 07/30/2024 (MT Newswires) -- The Toronto Stock Exchange closed higher on Tuesday in a volatile session that saw consistent price swings.

The S&P/TSX Composite Index closed up 45.1 points to close at 22,824.67. Healthcare was the biggest gainer, up 2.2%, followed by Utilities and Telecoms, up 0.5% and 0.17% respectively. Base Metals and Information Technology were the biggest decliners, down 1.6% and 1.0%, respectively.

Despite the volatile session, the TSX remains within striking distance of its 22,995 record highs hit last month, almost in spite of mixed commodity prices and mixed views on the pace of interest-rate cuts.

On rates, Taylor Schleich at National Bank said the economic conditions for quick and significant rate cuts already exist but added lingering inflation pressures/uncertainty could tie the Bank of Canada's hands to some degree in the short term.

"True," he said, "markets don't appear to view inflation as much of a threat going forward judging by the implied rate path. But even this seemingly rapid pace of easing could prove conservative in the fullness of time."

Whether or not the BoC eases again in September, National Bank sees the policy rate getting back to 3% this time next year. Schleich added: "That may not be a widely held baseline view but it's one that's entirely sensible given what we see as the most likely path for the economy. To borrow from a Tiff Macklem speech earlier this year, 'monetary policy works with a lag of more than a year.' We agree, Governor. With policy still decisively restrictive, there's more near-term economic weakness in store no matter what happens with policy in the coming months."

West Texas Intermediate (WTI) crude oil fell to a near two-month low early on Tuesday on weak China demand and flagging investor interest in the commodity. WTI crude oil closed down US$1.08 to settle at US$74.73 per barrel, the lowest since June 5, while September Brent crude closed down US$1.15 to $78.63.

Gold moved higher late afternoon as treasury yields eased ahead of the start of the two-day meeting of the Federal Reserve's policy committee that is expected to end with interest rates unchanged. Gold for December delivery was last seen up US$26.60 to US$2,452.10 per ounce.