Canadian stocks took a sharp downturn on Thursday, with the S&P/TSX Composite Index dropping 1.8% to 31,997.29. The sell-off was driven by a 5.8% decline in the S&P/TSX Global Gold Index, as the price of gold fell 2.3% to $4,838.60 an ounce. Energy stocks also saw a 1.4% decrease, following a 3.1% drop in crude oil prices to $63.10 a barrel. Telecom stocks were not immune, with a 1.2% decline in the S&P/TSX Capped Communication Services Index. The market volatility reflects ongoing concerns about global economic stability.

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