• TSX ends up 0.2% at 24,106.79
• Energy adds 2% as oil settles up 1.9%
• Mining shares rise as gold hits record high
• Bank of Canada pauses interest rate cuts

April 16 (Reuters) - Canada's resource-linked main stock index rose on Wednesday to a near two-week high as higher commodity prices, including a continuation of gold's record-setting run, offset concerns that the global trade war could trigger a recession.

The Toronto Stock Exchange's S&P/TSX Composite Index (.GSPTSE) , opens new tab ended up 38.86 points, or 0.2% at 24,106.79, its fourth straight day of gains and its highest closing level since April 3.

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In contrast, Wall Street posted steep declines as Nvidia (NVDA.O) , opens new tab warned of steep charges from new U.S. curbs on its chip exports to China and Federal Reserve Chair Jerome Powell said that economic growth appears to be slowing.

The Bank of Canada paused its interest rate cutting campaign and said that a that a long-lasting global trade war could trigger a significant recession in Canada and lead to inflation temporarily rising above 3%.

"We are in an area now where bad news is bad again and recession fears are coming up and that's why we've got gold up," said Greg Taylor, a portfolio manager at Purpose Investments.

The materials group, which includes metal mining shares, rose 1.3% as gold surged to a fresh record high above $3,300 an ounce.

The price of oil also rose, settling 1.9% higher at $62.47 a barrel. Energy added 2% and consumer staples ended up 0.9%, with grocery retailer Loblaw Companies Ltd (L.TO) , opens new tab notching a new record high.

Among the sectors that lost ground was industrials. It declined 0.9% while consumer discretionary ended 0.7% lower, weighed by declines for auto parts stocks.

https://www.reuters.com/world/americas/tsx-futures-flat-ahead-bank-canadas-rate-decision-2025-04-16/