• TSX ends down 0.01% at 32,870.36
• Financials fall 0.7%, industrials end 0.9% lower
• Materials group adds 0.9% as gold hits a record high
• Energy jumps 2.6% as oil settles 2.8% higher

Jan 13 (Reuters) - Canada's main ‌stock index inched lower on Tuesday as declines for financial and industrial shares offset safe-haven demand for resource stocks, with the index pulling back from an intraday record high.

The S&P/TSX Composite Index (.GSPTSE) , opens new tab ended down 4.34 points, or 0.01%, at 32,870.36, ‌after posting a record closing high on Monday.

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U.S. stocks posted steeper declines as JPMorgan cautioned that a planned cap on credit‑card rates could hurt the economy.

Gold touched a record high as U.S. inflation data cemented ‍bets on Federal Reserve rate cuts this year and geopolitical uncertainties persisted.

"The more geopolitical uncertainty you have, in many ways Canada is a decent hedge for that considering a lot ⁠of investors hedge geopolitical risk by buying gold and Canada has a ‍lot of exposure to gold stocks," said Ashish Dewan, senior investment strategist at Vanguard.

"We could ‌see ‌that narrative continue but we like to focus in on some of the longer-term drivers of returns."

Those drivers could include productivity increases for companies that adopt artificial intelligence, including companies in the financial, energy and materials sectors, Dewan ⁠said.

The materials sector (.GSPTTMT) , opens new tab, ⁠which includes metal-mining shares, added 0.9% and the energy sector (.SPTTEN) , opens new tab was up 2.6%.

U.S. crude oil futures settled 2.8% higher at $61.15 a barrel as the prospect of disruptions to Iranian crude exports overshadowed possible ‍increased supply from Venezuela.

A Canadian tycoon who heads Strathcona Resources Ltd (SCR.TO) , opens new tab, one of North America's fastest-growing oil companies, is advocating for his country to lend its heavy-oil expertise to the United States as it seeks to rebuild Venezuela's ‍oil industry.

Industrials (.GSPTTIN) , opens new tab fell 0.9% and heavily weighted financials (.SPTTFS) , opens new tab ended 0.7% lower.

https://www.reuters.com/business/tsx-futures-steady-gold-slips-record-high-2026-01-13/