November 16, 2009 / 3:21 PM / 8 years ago

CANADA STOCKS-TSX rides oil, gold prices higher

* TSX up 91.34 points, or 0.8 percent, to 11,499.02

* Gold price hits record high above $1,130 an ounce

* Resource stocks lead TSX rally (Adds details, quote)

By Jennifer Kwan

TORONTO, Nov 16 (Reuters) - Toronto’s main stock market index raced higher on Monday morning as strength in the price of bullion lifted Barrick Gold (ABX.TO), Goldcorp (G.TO) and other miners.

Barrick rose 1.4 percent to C$45.73 and Goldcorp climbed 0.9 percent to C$46.65 as the price of gold touched a record high above $1,130 an ounce on a slide in the U.S. dollar. [GOL/] Teck Resources TCKb.TO climbed 2.6 percent at C$34.34.

“Gold seems to be the feature today,” said John Ing, president of Maison Placements Canada. “Gold is fairly strong on the weak U.S. dollar.”

A communique at the close of a two-day Asia Pacific summit in Singapore omitted a reference to “market-oriented exchange rates,” suggesting China may not be ready to let the yuan rise gradually against the dollar.[FRX/] [ID:nSP43459]

The greenback also fell on rosier-than-expected U.S. retail sales data for October. [ID:nN16507114], which boosted economic optimism and eroded the U.S. dollar’s safe-haven appeal.

Weakness in the greenback also helped boost the price of oil, which climbed above $77 a barrel. [O/R]

Suncor Energy (SU.TO) was a top mover, climbing 2 percent to C$37.64, while fellow oil company EnCana Corp (ECA.TO) was up 0.5 percent at C$58.72.

At 9:59 a.m. (1459 GMT), the S&P/TSX composite index .GSPTSE was up 91.34 points, or 0.8 percent, at 11,499.02, with all of its 10 main groups higher.

$1=$1.04 Canadian Reporting by Jennifer Kwan; editing by Peter Galloway

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