TSX futures advanced on Friday, with the S&P/TSX 60 index gaining 0.6% as investors dismissed renewed U.S. tariff threats. The materials sector, buoyed by gold and silver prices hitting fresh all-time peaks, drove the S&P/TSX composite to a new record close of 33,144.98.

The rally in metals overshadowed broader market caution ahead of a key Federal Reserve policy meeting and a wave of corporate earnings. President Donald Trump’s threat of a 100% tariff on Canada if it strikes a trade deal with China added to geopolitical tensions, but the commodity-focused index held its ground.

Gold surged past $5,100 an ounce, up nearly 17% this year, fueled by geopolitical risk and central bank buying. Silver also climbed on strong industrial demand. Analysts at ING cite structural supply deficits supporting both metals, though silver’s volatility remains a concern for traders.