CANADA STOCKS-TSX rides railways, gold price to higher close

* TSX ends up 147.55 points at 11,025.90

* Record high gold price boosts gold miners

* Railways rise on Buffett's deal for Burlington Northern
(Adds closing figures, adds quotes)

By Jennifer Kwan

TORONTO, Nov 3 (Reuters) - Toronto's main stock index shot
higher on Tuesday as gold prices hit a record high above $1,080
an ounce, boosting Barrick Gold Corp (ABX.TO) and other gold
miners.

Barrick rose 6.6 percent to C$41.97 and Goldcorp (G.TO)
climbed 7 percent to C$42.96. Yamana Gold (YRI.TO) shot 7.6
percent higher to C$12.54. The index's materials group, home to
miners and fertilizer companies, finished the day up 4.1
percent.

The price of gold hit a record high at $1,080 an ounce on
Tuesday, as investors embraced news of the International
Monetary Fund's 200 tonne sale of gold to India's central bank.
[GOL/]

As well, strength in railway stocks helped to lift the
index after news that Warren Buffett's Berkshire Hathaway will
buy rail company Burlington Northern Santa Fe Corp in a $26
billion deal. [ID:nN03483590]

"There's some commentary that suggests this is a bet on the
United States and the economy going forward," said Rick Meslin,
head of Canadian equities at UBS. "Mr. Buffett still carries a
lot of weight and him calling the rails a value bet is saying a
lot about the overall industrial sector."

Canadian National Railway (CNR.TO) shares climbed 1.8
percent to C$53.50, while Canadian Pacific Railway (CP.TO)
shares rose 3.2 percent to C$48.75.

The S&P/TSX composite index .GSPTSE was up 147.55 points,
or 1.36 percent, at 11,025.90. Earlier it had fallen more than
1 percent to 10,751.72.

($1=$1.07 Canadian)
(Reporting by Jennifer Kwan; editing by Peter Galloway)