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: Quote), up 2.2 percent at C$43.38, and Goldcorp Inc (G.TO: Quote), rising 2.4 percent to C$40.72, and Agnico-Eagle (AEM.TO: Quote), 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...