By Wallace Witkowski, MarketWatch
SAN FRANCISCO (MarketWatch) -- Canadian markets closed up Tuesday, boosted by higher gold and silver prices along with strength from mining stocks.
The S&P/TSX Composite Index closed up 43 points, or 0.4%, to 12,193, with the S&P/TSX Capped Materials Index rising 2%.
Gold for December delivery rose $24.60, or 2%, to settle at a record high $1,271.70 an ounce on the New York Mercantile Exchange, after touching an earlier intraday high of $1,276.50. Silver for December delivery also gained, settling up 1.4% to $20.43 an ounce.
Iamgold Corp. /zigman2/quotes/206182143/delayed CA:IMG +3.77% shares closed up 5.4%, Silver Standard Resources Inc. shares rose 6%, Goldcorp Inc. /zigman2/quotes/225792379/delayed CA:G +1.54% shares rose 3.6% and Pan American Silver Corp. shares jumped 5.7%.
The loonie gained slightly against the U.S. dollar with the greenback buying C$1.0268, compared with C$1.0281 at the previous close.