CANADA STOCKS-Strong golds, U.S. data push TSX higher

Wed Aug 4, 2010 4:39pm EDT
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* TSX up 62.45 points, or 0.53 percent, at 11,845.05

* Strong bullion price boosts gold miners

* RIM shares drop on concerns over Saudi move (Updates to close, adds quote)

By Jennifer Kwan

TORONTO, Aug 4 (Reuters) - Toronto's main stock index rose on Wednesday, bolstered by a firmer bullion price and stronger than expected U.S. economic data, which fueled cautious investor optimism about the global recovery.

Gold miners on the upside included Barrick Gold ABX.TO, up 2.2 percent at C$43.38, and Goldcorp Inc G.TO, rising 2.4 percent to C$40.72, and Agnico-Eagle AEM.TO, which rallied 4 percent to end the day at C$59.67.

The price of bullion broke above $1,200 an ounce as strong physical demand gave the metal its sixth straight daily gain. [GOL/]

U.S. Institute of Supply Management services activity data for July came in better than market expectations, which helped to boost investor optimism, analysts said. [.N]

As well, data showed U.S. private employers added 42,000 jobs in July, slightly better than economists had forecast. [ID:nN04224566] [ID:nEAP103300]   Continued...