Canada stocks-TSX futures inch lower as gold, silver prices slip

• Spot gold prices XAU= fell close to 1%, pressured by a stronger dollar as investors weighed chances of future US Federal Reserve interest rate hikes following hawkish commentary from central bank officials.
• Silver prices XAG= also dropped more than 2%, on pace for its biggest one-day drop since the start of the month.
• Oil prices hovered near a more than two-week low, pressured by improved crude supply prospects from the Gulf and growing hopes for a diplomatic resolution to the US-Israel conflict with Iran.
• US President Donald Trump said talks with Iran in New York had made progress, but then threatened to "annihilate" the country if a deal was not reached.
• Commodity prices remain vital for Canada's main stock index as energy and mining-related companies make up more than 36% of the benchmark in terms of market capitalization, according to data compiled by LSEG.
• The benchmark TSX .GSPTSE closed at its highest level in over two weeks on Tuesday, boosted by gains in technology .SPTTTK and mining-linked companies .GSPTTMT.
• Retail sales data due later this week will be closely watched for insights into the health of the Canadian consumer.
• Among single stocks, brokerage CIBC downgraded its rating on silver miner Endeavour Silver EDR.TO to "neutral" from "outperformer".

Futures for Canada's resources-heavy main stock index dipped on Wednesday as prices of precious metals including gold and silver slipped, with investor focus on any developments around prospects of a Middle East peace deal.

December futures on the S&P/TSX index SXFcv1 were down 0.2% at 2,127.3 points by 5:59 a.m. ET (0959 GMT). Wall Street futures EScv1 were mostly flat.