30.01.202621:08:05UTC+00Canada Stock Market Index (TSX) at 31915.19points

The S&P/TSX Composite Index experienced a significant drop of 3.3%, closing at 31,924 on Friday. This marks its most substantial decline in several months and reduces its monthly gains to a mere 0.7%. This downward trend was driven by a sharp decrease in gold and silver prices, leading to a sell-off in the mining sector. The materials sector was hit hardest, as the price of gold plummeted more than 9%, spurring extensive profit-taking among earlier high-flying precious metal stocks. Notable declines were seen in Agnico Eagle, Barrick Gold, Wheaton Precious Metals, and Franco-Nevada, with losses ranging from 9.8% to 12.7%. Similarly, companies associated with silver, such as Pan American Silver, Vizsla Silver, and Lundin Gold, suffered double-digit losses. The technology sector added to the market's woes, with Shopify falling by 7.7% and Celestica by 5.3%, influenced by weakened U.S. tech giant performances and a declining risk appetite. The financial sector provided little relief as Canada's major banks faced downturns, exacerbated by concerns over sluggish domestic momentum following GDP data that indicated stagnant output for November.