While energy stocks were the day’s biggest drag on the TSX, gold and precious metals miners demonstrated notable resilience on Tuesday, with Agnico Eagle Mines (TSX: AEM) advancing over 2% and Barrick Mining (TSX: ABX) gaining more than 1%. Wheaton Precious Metals (TSX: WPM) posted one of the more impressive moves in the resource space, climbing over 5%. Americas Gold and Silver Corporation rose 5.5% and Avino Gold and Silver gained 4.1%, rounding out a strong session for the broader precious metals complex.

Gold prices remain elevated, with Deutsche Bank having revised its 2026 price forecast to US$4,450 per ounce from US$4,000, citing persistent central bank demand and structural supply constraints. Even as the Middle East ceasefire reduced some safe-haven urgency, gold held ground above key support levels, reflecting a broader repricing of the asset class driven by USD weakness and continued de-dollarization trends among central banks globally. That macro backdrop continues to provide a durable floor for gold mining margins.

For TSX-listed gold names, the margin story is particularly compelling. With gold trading well above most miners’ all-in sustaining costs, free cash flow generation has accelerated materially through 2025 and into 2026. Agnico Eagle, the most operationally consistent of the major Canadian producers, has benefited from its politically stable jurisdictions — primarily Canada, Finland, and Australia — which reduce the geopolitical discount that has hampered peers with African exposure. Barrick, meanwhile, is preparing a planned IPO of its Nevada Gold Mines joint venture and the Fourmile deposit, a structural catalyst that could narrow its discount to NAV.

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Investors tracking the gold sector should watch for any formal guidance updates from Agnico Eagle in the coming weeks. The company’s Canadian Malartic and Detour Lake operations have been central to its production consistency.

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With gold maintaining support above US$4,000 and earnings season approaching, TSX gold miners could see further analyst upgrades and price target revisions if spot prices sustain current levels.