The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. REUTERS/Chris Helgren

By Sanchayaita Roy

(Reuters) -Canada's commodity-heavy main stock index rose on Monday, led by gains in mining shares, as investors weighed concerns over a possible U.S. government shutdown.

Toronto's S&P/TSX composite index rose 0.55% to 29,924.93 points, building on Friday's gains as an in-line U.S. inflation print helped keep rate-cut bets alive.

Materials stocks rose 2.1% after gold prices broke past $3,800 an ounce to hit a record high.

"The Fed will continue to cut rates, the market believes that inflation will remain elevated in the U.S.," said Allan Small, senior investment advisor of the Allan Small Financial Group with iA Private Wealth.

"Those two things are causing the price of gold to continue its ride higher and that is the main driver and has been the main driver for the Toronto Stock Exchange all year."

Investors were also focused on the rising risk of a partial U.S. government shutdown as congressional Democrats and Republicans reached an impasse over how to continue funding the federal government.

A shutdown could affect financial markets by limiting the operations of financial regulators and delaying the publication of key economic data.

Cannabis companies climbed on Monday after U.S. President Donald Trump advocated the potential benefits from the use of cannabidiol in senior healthcare in a social media post.

Pot firm Curaleaf Holdings jumped 24%, while Canopy Growth, Aurora Cannabis and Cronos Group rose between 15% and 18.6%. An index of healthcare stocks rose 4.7%.

Conversely, the energy sub-index dropped 1.4% as oil prices fell nearly 2%.

On the corporate front, Barrick Gold appointed veteran executive Mark Hill as interim president and CEO, sending its shares up 1.5%.

(Reporting by Sanchayaita Roy in Bengaluru; Editing by Shreya Biswas)