September futures on the S&P/TSX index were down 0.6% at 07:09 a.m. ET., after the Toronto Stock Exchange's S&P/TSX composite index ended at its lowest closing level in more than two months on Friday.
Oil prices dipped 1%, continuing their downward trend for a second consecutive day, while gold prices hovered at their lowest level in 2-1/2 years amid a stronger dollar and rising bond yields. [O/R][GOL/]
A rise in dollar makes the yellow-metal more expensive for other currency holders, while higher interest rates dull the zero-yielding bullion's appeal.
Last week, the TSX lost 4.7% as worries about the economic impact of central bank tightening overshadowed domestic data showing an easing of inflation pressures. The index has fallen 4.4% so far this month and about 16% from its record closing high in March.
Futures for U.S. markets looked glum after a week of a massive selloff, triggered by global central bank hikes. Dow e-minis were down 229 points, or 0.77% at 07:09 a.m. ET, while S&P 500 e-minis were down 31.5 points, or 0.85% and Nasdaq 100 e-minis were down 82.75 points, or 0.73%. [.N]
H.C. Wainwright started coverage of gold-mining company Victoria Gold Corp with a "buy" rating and PT of C$23.
Meanwhile, a government official said on Sunday it would take several months for Canada to restore critical infrastructure after the powerful storm Fiona left an "unprecedented" trail of destruction.
(Reporting by Shashwat Chauhan in Bengaluru; Editing by Anil D'Silva)
