A strong performance by gold and base metal stocks helped offset weakness in health care and energy shares Friday as the S&P/TSX composite index gained just 1.62 points to close at 7,602.21.

The TSX gold index rose 1.8%, fueled by rising gold prices. Gold futures in New York were up US$5.20 to US$382.90.

Barrick Gold shares surged 29¢ to $26.89; Placer Dome climbed 48¢ to $19.03.

Base metal stocks also staged an impressive advance. The TSX mining index jumped 1.4%.

Inco shares cracked a new 6-year high as nickel prices continued to soar. Inco shares closed up 60¢ at $38.46.

Atlas Cold Storage income trust saw its units plunge 18% after it suspended its CFO and suspended its third-quarter distribution in the wake of an accounting scandal. The units fell $1.95 to $8.48.

Tech bellwether Nortel Networks, was up 18¢ to $6.24. Com Dev shares gained 44¢ to $2.46 after it announced a $7 million commercial satellite contract.

The junior S&P/TSX Venture composite index rose 9.99 points to 1,384.00.

In New York, market averages pulled back moderately Friday as investors cashed in gains from the previous session’s big rally.

The Dow Jones industrials closed down 14.31 at 9.644.82, having gained 113 points in the previous session to their first close above 9,600 since June 18, 2002.

The broader market also finished lower. The tech-heavy Nasdaq composite index fell 3.81 to 1,905.74. The S&P 500 index declined 3.27 to 1,036.31.

For the week, the Dow rose 1.8%, the Nasdaq gained 2.7%, and the S&P advanced 1.7%. The Dow has gained in six of the last seven weeks; the Nasdaq and S&P have posted wins in five of the last six weeks.

The Canadian dollar jumped 0.54¢ to close at US74.02¢, as traders fled the faltering U.S. greenback. The last time the Canadian dollar hit US74¢ was on July 8.