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2026.03.1913:42:31UTC+00TSX Tumbles as Miners Drop

The S&P/TSX Composite Index fell nearly 2% on Thursday, dropping below 31,750 as investors reacted to a sharp decline in gold prices and increasingly hawkish signals from central banks. A stronger U.S. dollar, following policy updates from the Federal Reserve and the Bank of Canada on Wednesday, sparked a steep sell-off in the materials sector, with gold miners Agnico Eagle and Barrick Gold sliding more than 6%. The pressure was compounded by rising bond yields, which hurt credit-sensitive financials such as Royal Bank and TD Bank, both down more than 1%. Although energy producers including Canadian Natural Resources and Imperial Oil gained modestly amid escalating tensions in the Middle East, their advances were not enough to counter broad-based weakness in resource and banking shares.

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