Toronto stocks closed higher Friday, surging to a fresh record high, on the strength of risk of the resource sector, particularly a strong rise in the price of gold.

The S&P/TSX composite index gained 78.97 points, or 0.58%, to 13,578.62.

The benchmark index was up 1.1% on the week, and is up 5.2% so far this year.

Seven of the 10 TSX main sub-groups were up.

The materials index gained 1.97%, while the gold sub-index rose 2.62%.

Gold for June delivery closed up $10.20 at US$689.90 an ounce on the New York Mercantile Exchange.

Goldcorp Inc. rose $1.08, or 3.71%, to $30.16.

The energy index gained 1.06%.

Light, sweet crude for May delivery fell 22¢ at US$63.63 a barrel.

EnCana Corp. rose 33¢, or 0.54%, to $61.42.

The S&P/TSX Venture composite index rose 54.59, or 1.67%, to 3,319.40.

In New York, markets closed high on strong earnings reports and forecasts.

The Dow Jones industrial average closed up 59.17 points at 12,612.13, the Nasdaq gained 11.62, or 0.47%, to 2,491.94, and the S&P500 lifted 5.05, or 0.35%, to 1,452.85.

Friday’s advance brought the Dow back to just 20 points below its Feb. 26 close and the Nasdaq to about 12 points from its finish on the day before the huge global equities sell-off.

For the week, the Dow gained 0.41%, the S&P 500 rose 0.63% and the Nasdaq climbed 0.83%.