Futures linked to Canada’s main stock exchange pointed lower on Tuesday as investors assessed the impact of U.S. trade policy uncertainty and wildfires in the country’s key oil-producing Alberta region.

By 06:25 ET (10:25 GMT), the S&P/TSX 60 standard futures contract had inched down by 7 points, or 0.4%.

The Toronto Stock Exchange’s S&P/TSX composite index rose by 213.91 points, or 0.8%, on Monday, touching a fresh record high.

A rise in gold prices, stemming in part from worries over refueled global trade tensions and a weakening dollar, bolstered the commodity-heavy index. Bullion prices, however, have since eased.

Elsewhere, wildfires in Alberta have reportedly dented oil sands production in the region by more than 344,000 barrels per day, or roughly 7% of Canada’s overall crude output.

Although the OPEC+ producer group said it plans to stick to its plans to increase output, oil prices broadly rose on Monday, lifting shares in oil producers like Canadian Natural Resources (TSX:CNQ) and Cenovus Energy (NYSE:CVE) (TSX:CVE).

U.S. futures inch lower

U.S. stock index futures drifted lower Tuesday amid caution as investors awaited more news surrounding President Donald Trump’s trade tariffs and the trajectory of the U.S. economy.

At 06:36 ET, Dow Jones Futures fell 172 points, or 0.4%, S&P 500 Futures dropped 27 points, or 0.5%, and Nasdaq 100 Futures slipped 93 points lower, or 0.4%.

The main indices ended higher on Monday, although risk appetite was somewhat dented by worries over renewed trade strife between the U.S. and China.

The broad-based S&P 500 rose 0.4%, the tech-heavy Nasdaq Composite gained 0.7% and the blue chip Dow Jones Industrial Average rose just 0.1%.

Gold prices cool

Gold prices fell in Asian trade on Tuesday, facing some profit-taking after heightened geopolitical tensions in Europe and the Middle East, along with persistent trade uncertainty, sparked strong gains.

Bullion prices started June on a strong note as Ukraine launched a deadly drone strike against Russia, largely undermining peace talks held on Monday. Moscow also showed little intent in reaching a lasting ceasefire.

Additionally, U.S.-Iran nuclear talks were seen breaking down after Trump said Tehran will not be allowed to enrich uranium. Gold had risen sharply on Monday, with persistent concerns over higher U.S. trade tariffs and worsening relations with China also driving demand for safe havens.

Spot gold fell 0.7% to $3,357.70 an ounce, while gold futures for August fell 0.5% to $3,382.02/oz by 06:39 ET. Spot gold had rallied over 2% on Monday.

Crude edges higher

Oil prices edged higher Tuesday, extending the prior session’s sharp gains as uncertainty over a U.S.-Iran nuclear deal and worsening tensions between Ukraine and Russia heralded more potential supply disruptions.

At 06:39 ET, Brent futures climbed 0.1% to $64.67 a barrel, and U.S. West Texas Intermediate crude futures rose 0.1% to $62.59 a barrel.

Iran is expected to reject a U.S. proposal to end a decades-old nuclear dispute, meaning continued sanctions, which would limit Iranian supply and be supportive of oil prices.

Both contracts gained nearly 3% in the previous session after the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, agreed to keep output increases in July at 411,000 barrels per day, which was less than some in the market had feared and the same hike as the previous two months.