Gold prices hit a new record Tuesday.

Gold futures for December delivery rose as high as $1,045 US an ounce, topping a March 2008 record of $1,033.90 an ounce. Gold closed Tuesday at $1,036.20, up $19.50.

Gold closed at $1,036.20 US on Tuesday.

That pushed the Toronto Stock Exchange, heavily weighted in gold-mining shares, up 145.35 points or 1.3 per cent, to close at 11,247.97 after soaring more than 250 points earlier in the day.

Shares in Yamana Gold Inc., the most active stock in the TSX composite index, surged seven per cent to $12.04 as 14 million shares traded hands.

Global shares also rose after an unexpected Australian interest rate hike buoyed the view that a worldwide economic recovery is underway.

S&P TSX 3-month chart

The Canadian dollar surged 0.93 cents to 94.38 cents US, a new one-year high.

Oil futures gained 47 cents to close at $70.88 US a barrel as the U.S. dollar fell, boosting energy stocks. In Toronto, Talisman Energy Inc. shares gained 5.5 per cent to $19.29, while Suncor Energy Inc. gained 2.8 per cent to 36.50.

New York also gained, with the Dow Jones industrials rising 131.50 points to 9,731.25

Jean Coutu Group, the largest pharmacy chain in Quebec, reported a 7.3 per cent increase in revenue to $608.7 million in its latest quarter. Its stock was down 22 cents to $9.65.

In the tech sector, BCE Inc.'s Bell Canada said it will begin offering two models of the Apple iPhone smartphone in November. Its shares were up seven cents to $26.37.

With files from The Canadian Press