By Robb M. Stewart

Gold mining stocks were holding back the wider Toronto market's advance as the price of the precious metal pulled back after trade tensions between U.S. and China eased and the two countries moved to scale back tariffs for now.

In early trading Monday, Agnico Eagle Mines shares were trading 7.4% lower at C$151.38. Franco-Nevada was 4.5% lower at C$225.09, and Lundin Gold was down 13% at C$59. Wheat Precious Metals, which buys precious metals produced as a by-product by mining companies and sells it, was 5.7% weaker at C$112.76.

Mining stocks collectively were the biggest drag on the stock market, helping hold the S&P/TSX Composite Index to a gain of 0.7%.

Early in the day, gold futures were down 2.9% at $3,246.10 a troy ounce after the U.S. and China agreed to slash punishingly high tariffs on each other's goods, a move than promises to reset the trade dispute between the world's two largest economies. Gold prices have soared this year, in part as investors have sought to reduce exposure to the U.S. dollar and have turned to perceived safe-haven assets.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

May 12, 2025 11:01 ET (15:01 GMT)

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