CANADA STOCKS-TSX hangs on to gains as gold rallies

Mon Jun 7, 2010 12:56pm EDT
 
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* TSX up 21.66 points at 11,591.49

* Gold stocks rally 3 percent

* Consumer staples, telecoms up

* Base metals weigh

* RIM sinks 4 pct ahead of new iPhone launch (Updates prices, adds details, quotes)

By Claire Sibonney

TORONTO, June 7 (Reuters) - Toronto's main stock index rose after a wobbly start on Monday as lingering global economic uncertainty powered a rally in safe-haven gold shares, but weakness in base metals limited the gains.

Gold erased early losses to hit a three-week high but copper tumbled to eight-month lows as investors, fearing a meltdown in the euro zone, fled commodities and other assets perceived to be risky. [GOL/] [MET/L]

Gold-mining stocks soared more than 3 percent with Barrick Gold Corp (ABX.TO: Quote), the world's largest producer, up 3.4 percent at C$45.44, and Goldcorp Inc (G.TO: Quote) 3.4 percent higher at C$46.28.   Continued...