Updates at market close

By Fergal Smith

April 16 (Reuters) - Canada's resource-linked main stock index rose on Wednesday to a near two-week high as higher commodity prices, including a continuation of gold's record-setting run, offset concerns that the global trade war could trigger a recession.

The Toronto Stock Exchange's S&P/TSX Composite Index .GSPTSE ended up 38.86 points, or 0.2% at 24,106.79, its fourth straight day of gains and its highest closing level since April 3.

In contrast, Wall Street posted steep declines as Nvidia NVDA.O warned of steep charges from new U.S. curbs on its chip exports to China and Federal Reserve Chair Jerome Powell said that economic growth appears to be slowing.

The Bank of Canada paused its interest rate cutting campaign and said that a that a long-lasting global trade war could trigger a significant recession in Canada and lead to inflation temporarily rising above 3%.

"We are in an area now where bad news is bad again and recession fears are coming up and that's why we've got gold up," said Greg Taylor, a portfolio manager at Purpose Investments.

The materials group, which includes metal mining shares, rose 1.3% as gold XAU= surged to a fresh record high above $3,300 an ounce.

The price of oil CLc1 also rose, settling 1.9% higher at $62.47 a barrel. Energy added 2% and consumer staples ended up 0.9%, with grocery retailer Loblaw Companies Ltd L.TO notching a new record high.

Among the sectors that lost ground was industrials. It declined 0.9% while consumer discretionary ended 0.7% lower, weighed by declines for auto parts stocks.

(Reporting by Fergal Smith in Toronto and Ragini Mathur in Bengaluru; Editing by Sahal Muhammed and Alistair Bell)

((fergal.smith@thomsonreuters.com; +1 647 480 7446))