Updates with market opening prices

By Ragini Mathur

Feb 5 (Reuters) - Canada's main stock index extended its gains on Wednesday, led by mining shares, as gold prices rose due to safe-haven demand in light of the escalating U.S.-China trade war.

The S&P/TSX composite index .GSPTSE was up 0.41% at 25,372.31.

Materials .GSPTTMT shares climbed 1.6% as gold prices hit a record high, continuing their upward trend due to safe-haven demand. Copper prices were at a six-week high on a softer dollar.

U.S. President Donald Trump on Tuesday implemented a 10% tariff on China, prompting Beijing to retaliate with tariffs on select American imports and reigniting a trade war between the top global economies.

Market volatility has been high recently, especially after Trump's announcement of tariffs on Canada and Mexico, which he later delayed by a month.

Investors were also affected by Trump's comments suggesting the United States would like to take over the war-ravaged Gaza Strip and develop it economically, something which the markets ignored.

"Times like these are just way too volatile to know anything with certainty, which is why the market's going to continue to react to every little piece of news in short term" said Colin White, president and CEO at Verecan Capital Management.

"We're more focused on longer term issues, I think it is the Canadian economy, which is going to drive the TSX over the mid to longer term."

Datawise, Canada saw its first trade surplus in 10 months in December, as exports expanded faster than imports, while the country's trade surplus with the United States widened for the second month in a row.

Healthcare shares .GSPTTHC soared 3%, driven by an 11% jump in cannabis firm Tilray Brands TLRY.TO.

Among individual stocks, FirstService FSV.TO shares slid 2.8% after the property management provider reported fourth-quarter profit below estimates.

SSR Mining SSRM.TO jumped 14.6% to the top of the TSX after RBC upgraded it to 'sector perform' from 'underperform'.

(Reporting by Ragini Mathur in Bengaluru; Editing by Shreya Biswas)

((Ragini.Mathur@thomsonreuters.com;))