TSX In The Green But Gold Stocks Plunge -- Canadian Commentary

(RTTNews) - Canadian stocks inched higher Tuesday, extending Friday's strong gains amid robust energy and financial stocks.

Plunging gold shares, however, put a cap on the day's advance.

The S&P/TSX Composite Index rose 33.27 points, or 0.24 percent, to 13,952.85.

Gold stocks tubled more than 6 percent, as strong U.S. housing data cemented expectations of an interest rate hike this summer.

June gold fell $22.30, or 1.8%, to settle at $1,229.20 an ounce, the lowest in weeks.

The Diversified Metal and Mining Index, which measures base metal producers, dropped 3.2 percent.

The Bank of Canada makes its interest rate announcement Wednesday. Analysts expect a dovish statement based on projections that the Alberta wildfires caused the Canadian economy to contract in the second quarter.