CANADA STOCKS-TSX closes above 32,000 as gold and silver hit all-time highs

Updates at market close

By Fergal Smith

Dec 22 (Reuters) - Canada's main stock index rose to another record high on Monday as soaring precious metal prices fed optimism the index's rally could carry over into 2026.

The S&P/TSX Composite Index .GSPTSE ended up 244.33 points, or 0.8%, at 32,000.10 to begin the holiday-shortened week, surpassing Friday's record closing high.

The commodity-linked index has advanced 29.4% since the start of the year, putting it on track for its biggest gain since 2009.

"If you are looking for something that has really characterized the TSX this year it's been the outperformance of the financials and materials sectors," said Bipan Rai, head of ETF and alternatives strategy at BMO Global Asset Management.

"You can tie what's been going on in the materials sector with the outperformance of the metals, especially precious metals this year."

Gold XAU= jumped 2.4% to an all-time peak, powered by safe-haven flows as U.S.-Venezuela tensions flared, while silver also touched a record high.

"It tells us, at least as the Canadian market is concerned, we're set up for a decent year next year as well," Rai said.

U.S. stocks also rose on Monday as technology stocks extended their recent gains on renewed interest in AI-related companies.

The Toronto market's materials group .GSPTTMT, which includes metal mining shares, added 2.4%, with Discovery Silver Corp DSV.TO up nearly 8%.

Energy .SPTTEN gained 0.9% as the price of oil CLc1 settled 2.6% higher at $58.01 a barrel.

Just three of ten major sectors ended lower, including consumer discretionary. Shares of auto parts supplier Magna International MG.TO lost 2%, giving back some of its recent gains.

(Reporting by Avinash P in Bengaluru; Editing by Vijay Kishore and Alistair Bell)

((Avinash.P@thomsonreuters.com))