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* TSX ends up 147.55 points at 11,025.90
* Record high gold price boosts gold miners
* Railways rise on Buffett's deal for Burlington Northern (Adds details)
By Jennifer Kwan
TORONTO, Nov 3 (Reuters) - Toronto's main stock index shot higher on Tuesday as gold prices hit a record high above $1,080 an ounce, boosting Barrick Gold Corp (ABX.TO) and other gold miners.
Barrick rose 6.6 percent to C$41.97 and Goldcorp (G.TO) climbed 7 percent to C$42.96. Yamana Gold (YRI.TO) shot 7.6 percent higher to C$12.54. The index's materials group, home to miners and fertilizer companies, finished the day up 4.1 percent.
The price of gold hit a record high at $1,080 an ounce on Tuesday as investors embraced news of the International Monetary Fund's 200 tonne sale of gold to India's central bank. [GOL/]
As well, strength in railway stocks helped to lift the index after news that Warren Buffett's Berkshire Hathaway will buy rail company Burlington Northern Santa Fe Corp in a $26 billion deal. [ID:nN03483590]
"There's some commentary that suggests this is a bet on the United States and the economy going forward," said Rick Meslin, head of Canadian equities at UBS. "Mr. Buffett still carries a lot of weight and him calling the rails a value bet is saying a lot about the overall industrial sector."
Canadian National Railway (CNR.TO) shares climbed 1.8 percent to C$53.50, while Canadian Pacific Railway (CP.TO) shares rose 3.2 percent to C$48.75.
The S&P/TSX composite index .GSPTSE was up 147.55 points, or 1.36 percent, at 11,025.90. Earlier in the day it had fallen more than 1 percent to 10,751.72.
Oil rose nearly 2 percent to above $79 a barrel on Tuesday after data showed U.S. factory orders in September expanded at a quicker pace than expected, signaling potential for more fuel demand in the world's biggest energy consumer. [O/R]
The index's energy sector was up 0.42 percent, with Canadian Natural Resource (CNQ.TO) up 0.8 percent at C$69.00.
BlackBerry-maker Research In Motion RIM.TO, up 6.2 percent at C$63.89, also helped to push the index higher.
Heavyweight movers on the downside included Suncor Energy (SU.TO), down 1.8 percent at C$34.96, and Royal Bank of Canada (RY.TO), which fell 0.4 percent to C$54.68.
The blue chip S&P/TSX 60 index .TSE60 closed 8.54 points higher, or 1.32 percent, at 654.63.
($1=$1.07 Canadian) (Reporting by Jennifer Kwan; editing by Peter Galloway)