Toronto stocks were up Tuesday, as the prices for both oil and gold spiked higher.

The S&P/TSX composite index rose 53.62, or 0.49%, to 10,957.14.

Volume on the senior exchange was 322 million shares.

Light, sweet crude for November delivery rose 60¢ to settle at US$66.80 a barrel on the New York Mercantile Exchange, after surging as high as US$68.27 during the day.

The energy sector moved higher 1.3%

Ultra Petroleum Corp. rose $2.98, or 6.14%, to $51.50, while EnCana lifted $2.60, or 4.16%, to $65.10.

Gold for December delivery ended up $3.20 at US$473.20 an ounce on inflation worries. The gold index spiked ahead 3.64%.

Bema Gold Corp. was up 25¢, or 7.94%, to $3.40.

Crystallex International rose 49¢, or 35%, to $1.89 as the company said its las Cristinas project in Venezuela is still on. Yesterday, the stock fell 48% after reports said the Venezuelan government might cancel its plans for a gold mine.

Cott Corp. fell $4.19, or 15.96%, to $22.07 after it issued a warning that its 2005 earnings would be “substantially below” forecasts.

In economic news, Statistics Canada reported retail sales rose by 1.5% in July, largely due to higher auto sales. Excluding autos, retail sales rose 0.7%.

The Canadian dollar closed 0.02 of a cent lower to US85.46¢.

The junior S&P/TSX venture exchange finished up 22.62, or 1.10%, to 2,084.80.

In New York, markets dropped as the price of oil surged and as investors worried over hurricane Rita.

The Dow Jones industrial composite index fell 103.49, or 0.99%, to 10,378.03. The S&P 500 index fell 11.14, or 0.91%, to 1,210.20, and the Nasdaq composite index fell 24.69, or 1.16%, to 2,106.64.