Commodity Prices: GCSC.TO tracks a basket of commodities; price changes in those commodities directly impact the ETF's value.

Supply and Demand: Higher demand for the ETF pushes the price up, while increased selling pressure leads to price declines.

Interest Rates: Rising interest rates can make bonds more attractive, potentially drawing investors away from commodity ETFs like GCSC.TO.

Inflation Expectations: Commodities are often seen as an inflation hedge, so rising inflation expectations can increase demand and price.

Currency Fluctuations: Changes in the Canadian dollar's value relative to other currencies affect the value of the underlying commodities.

Economic Growth: Stronger economic growth often leads to higher commodity demand and therefore impacts GCSC.TO's price.

Geopolitical Events: Political instability, trade wars, and other global events can significantly affect commodity prices and the ETF's value.

Fund Flows: Large inflows into the ETF can drive up the price, while significant outflows can exert downward pressure.

Management Fees: The ETF's expense ratio impacts its net return and therefore its price, although indirectly.