Canada’s main stock index got a lift as crude oil prices continued to rise and gold hit an eight-month high.

The Toronto market rose on rising energy prices due to U.S. sanctions against Venezuela’s state-owned oil company and ongoing concern about geopolitical issues such as Brexit that have driven up gold.

“It seems like when gold crossed US$1,300 1/8per ounce 3/8 it attracted some buyers into the commodity and into the miners, so miners in Canada are up as much as 5% to 6%,” said Patrick Bernes, a portfolio manager for CIBC Asset Management.

He said interest in gold is growing as a hedging asset and diversifier.

“I do think there was a technical level at play that probably attracted buyers because $1,300 has acted as both a support and a resistance in the past year and it looks like it’s moved above $1,300 decisively.”

Bernes said he expects gold prices will continue to rise.

The S&P/TSX composite index closed up 84.52 points to 15,463.14 after hitting a high of 15,497.43.

The Canadian dollar traded at an average of US75.38¢ compared with an average of US75.39¢ on Monday.

The materials sector gained almost 2% as higher gold and copper prices helped producers like Barrick Gold Corp. to gain f5%, while energy prices helped Canadian Natural Resources and TransCanada Corp.

The March crude contract was up US$1.32 at US$53.31 per barrel and the March natural gas contract was up US3¢ at US$2.90 per mmBTU.

The February gold contract was up US$5.80 at US$1,308.90 an ounce and the March copper contract was up US4.5¢ at US$2.72 a pound.

In New York, the Dow Jones industrial average was up 51.74 points at 24,579.96. The S&P 500 index was down 3.85 points at 2,640, while the Nasdaq composite was down 57.40 points at 7,028.29.

Bernes says the next three days will be important for the direction of North American markets because companies with 25% of the S&P 500 market capitalization will be reporting and the Federal Reserve will provide its outlook after two days of meetings. Interest rates aren’t expected to move but the central bank may shed some light on its plans.

Apple Inc. issued its results after markets closed on Tuesday, FaceBook and Microsoft follow on Wednesday, Amazon reports on Thursday, while big energy companies like Exxon and Chevron provide a more comprehensive picture of earnings.

U.S. markets has taken a hit from earnings misses by Caterpillar and chipmaker Nvidia on softening Chinese demand.