(fxcue news) - Canadian shares are likely to open higher on Friday, led by gains in the materials sectors thanks to rising metal prices. Gold prices climbed to record highs past $3,200 an ounce mark. Escalating tensions between China and the U.S. could weigh on sentiment and cap market's upside. The focus is also on the domestic front, with Canadian Prime Minister Mark Carney convening a meeting with his top cabinet colleagues later in the day to discuss the threat posed by U.S. tariffs. Corus Entertainment (CJR-B.TO) reported an adjusted net loss attributable to shareholders of $42.7 million, or $0.21 per share, for the quarter ended February 28, 2025, compared with a loss of $5.9 million, or $0.03 per share, a year earlier. On Thursday, the Canadian market ended sharply down, giving back ground following the spike seen over the course of Wednesday's session. The sharp pullback came as traders looked to cash in on the surge seen in afternoon trading on Wednesday after President Donald Trump announced a 90-day pause on new "reciprocal tariffs." After soaring 1,220.13 points or 5.4% to 23,727.03 on Wednesday, the benchmark S&P/TSX Composite Index plunged 712.16 points or 3% to 23,014.87. Asian stocks ended mostly lower on Friday after rising sharply in the previous session in response to U.S. President Donald Trump's 90-day tariff pause. Chinese and Hong Kong markets outperformed amid expectations for stronger stimulus. European stocks are down in negative territory with rising trade tensions between China and the U.S. raising concerns a prolonged trade war between the two major economies could significantly impede global growth. In commodities trading, West Texas Intermediate Crude oil futures are up $0.31 or 0.52% at $60.38 a barrel. Gold futures are up $70.40 or 2.22% at $3,247.90 after climbing to fresh record high thanks to a weaker dollar and rising economic concerns. Silver futures are up $0.666 or 2.17% at $31.425 an ounce, while Copper futures are up $0.1170 or 2.71% at $4.4380 per pound.