GOLD SILVER PRICE NEWS ~ Bay Street stocks were extending gains for a third session Wednesday morning as commodities were firm and Greek parliament passes key austerity bill. Lawmakers in Greece approved a key bill enabling the nation to get its next bailout loans that will prevent it from defaulting on its debts next month.
Meanwhile, the Canadian dollar rose after the nation's inflation rate unexpectedly accelerated in May to the fastest since March 2003 that put pressure on Bank of Canada to hike rates sooner than previously expected.
Elsewhere, data from the U.S. revealed pending home sales showed a substantial increase in the month of May.
The S&P/TSX Composite Index moved up 44.59 points or 0.34 percent to 13,149.57, after gaining nearly 200 points or q.50 percent in the past two sessions.
The Diversified Materials Index was the major gainer, adding nearly 1 percent. Ivanhoe Mines (IVN.TO) surged over 5 percent, while Teck Resources (TCK_B.TO) was adding over 2 percent.
Latest report from the EIA revealed U.S. crude oil inventories dipped by 4.40 million barrels and gasoline stocks moved down by 1.40 million barrels in the week ended June 24. Analysts were expecting crude oil inventories to dip by 1.7 million barrels, while gasoline stocks are seen gaining by 700,000 barrels last week. Crude for August gained $1.69 to $94.58 a barrel.
In the oil patch, MEG Energy (MEG.TO) and Trican Well Services (TCW.TO) gathered around 2 percent each. Read More
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