Growing fears over a possible war with Iraq boosted gold and oil stocks on Thursday. This helped the S&P/TSX composite index to end the session up 25.61 points at 6,827.02.

The price of gold soared US$7 to US$357.80 an ounce in New York, its highest price in almost six years. Crude oil rose 45¢ to US$33.66 a barrel.

Gold shares raced 4% higher and the energy sector closed up 1.4% to more than offset a 4% slide among information technology stocks.

Placer Dome gained 65 ¢ to $17.57. Barrick Gold rose 85¢ to $24.40.

Among energy stocks, Petro-Canada added $1 to $49.20.

In technology stocks, Nortel Networks slipped 24¢ to $3.47.

Shares in ATI Technologies plunged $1.35 to $7.50 on the after the Ontario Securities Commission released allegations of insider trading by seven individuals including chief executive K. Y. Ho.

A solid earnings report lifted shares of Sears Canada $1.08 to $18.60.

Market momentum was positive as advancers topped decliners 630 to 490. Volume was healthy as 277 million shares valued at $2.89 billion changed hands.

The TSX Venture Exchange was up 11.20 points at 1,122.25.

In New York, the Dow Jones industrial average close with a loss of 24.27 points at 8,698.91. The tech-heavy Nasdaq composite index shed 14.43 points to 1,424.37. The S&P 500 slipped 3.52 points lower to 914.69.

The Canadian dollar climbed 0.09¢ to US65.16¢.