CANADA STOCKS-TSX pushes higher with surging gold price

Tue Oct 6, 2009 5:40pm EDT
 
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* TSX closes up 1.3 percent at 11,247.97

* Gold miners lead way with gold price at record high

* Australian rate hike boosts market sentiment

* Rogers falls as iPhone monopoly nears end (Adds details and comments)

By Ka Yan Ng

TORONTO, Oct 6 (Reuters) - Toronto's main stock index jumped on Tuesday as economic recovery hopes got an unexpected shot in the arm and record high gold prices boosted shares of Barrick Gold (ABX.TO: Quote) and other gold miners.

Market heavyweight Barrick was up 3.98 percent at C$41.25, making it the day's top gainer. Shares of fellow miner Goldcorp (G.TO: Quote) were not far behind, up 4.8 percent at C$44.22.

Yamana Gold (YRI.TO: Quote) gained 7.6 percent to C$12.05 after it said third-quarter production rose 9 percent from the previous quarter, while costs remained in line with expectations. [ID:nN06432345].

Gold prices hit a record high above $1,040 an ounce after a media report, later denied, that Gulf Arab states were in talks to abandon the U.S. dollar in oil trade. [GOL/]   Continued...