The S&P/TSX Composite Index edged down to trade below 35,500 on Tuesday, weighed by losses in mining stocks.
Gold prices declined as investors assessed renewed Middle East tensions and awaited the minutes from the Fed's June meeting for clues on monetary policy.
Agnico Eagle, Franco-Nevada, and WPM fell about 1%, while Barrick lost 2%.
Oil prices, which had retreated to near pre-conflict levels following the Iran-Israel ceasefire, edged higher after reports of new attacks on vessels in the Strait of Hormuz.
The rebound supported energy stocks, with Canadian Natural up more than 1% and Suncor and Imperial Oil gaining about 2%, but also lifted Canadian bond yields on renewed inflation concerns, limiting gains for financials.
RBC, TD Bank, and BMO edged higher, while Scotiabank lost more than 1.5%.
Shopify rose 2.5%, tracking gains in US tech services stocks.