12:22 PM EDT, 09/03/2025 (MT Newswires) -- The Toronto Stock Exchange is up 101 points, to 20,708, after earlier hitting an intra-day high of 28,755.

Miners and info tech, up 2% and 1%, respectively, are the biggest gainers. Gold rose to a record high early Wednesday, topping US$3,600 an ounce for the first time as traders bet on Federal Reserve rate cuts and sought safe-haven assets amid stagflation concerns.

Energy, down 1.7%, is the biggest decliner. Oil futures fell early Wednesday after a report that OPEC+ is considering another production increase next month, days after restoring 2.2 million barrels per day of supply cuts with a 548,000 bpd hike.

Rosenberg Research noted Wednesday that spot gold had rallied +1.6% and approached a new record, with Canadian gold mining stocks up an "eye-popping" +74% year-to-date. The research said ongoing central bank buying and sustained large inflows into gold-backed ETFs continue to provide a strong thrust., with this latest leg-up owing to the renewed rise in global policy uncertainty and mounting concerns over the Fed's independence. Rosenberg Research noted the slight dip in the 10-year T-note total return held the bond-bullion barbell to a +0.6% gain, but it said that was still "a heck of a lot better" than the -0.7% in the S&P 500 and -0.5% for the classic 60-40 asset mix. And, the research added, it is because of the diversified Rosie Macro Fund's outsized exposure to gold/silver and the miners that it has allowed it to enjoy a +16.0% total return performance year-to-date.

Meanwhile, Scotiabank's Derek Holt noted Canadian PM Mark Carney's two-day cabinet retreat starts today, but it said don't look for much if anything by way of headlines from it with media barred this time. "It's all on the path to a Fall budget and a major projects list before then, along with whatever tariff and trade assumptions one wishes to make with the mess that the Trump administration has created. My macro view remains on the more optimistic side while warning of ongoing inflation risk and caution against expecting easier monetary policy."

Prior to meeting with his cabinet, Carney confirmed to reporters that he spoke to U.S. President Donald Trump "at length" on Monday evening and said it was a "good" conversation. Asked when Canadians are expected to see results from trade talks with the U.S., Carney said "right now, we have the best trade deal of any country in the world, those are results."