UPDATE 3-Commodities power Toronto stocks to record close

(Adds details, comments)

*Toronto composite index closes at record

*Energy and materials lead the day's gains

*Gain for the week is 3.2 percent

By Wojtek Dabrowski

TORONTO, May 16 (Reuters) - The Toronto Stock Exchange's main index hit another record high on Friday as energy and materials shares rose on strong commodity prices and powered the composite to a level just shy of the 15,000 mark.

The S&P/TSX composite index rose 156.14 points, or 1.05 percent, to close at 14,984.20, giving it a gain of 3.2 percent for the week. Last Friday, it closed at 14,521.19.

Even though seven of the benchmark's 10 main groups ended lower, the heavyweight energy and materials sectors surged higher, gaining 2.94 percent and 1.79 percent, respectively.

The advances came as U.S. crude oil futures rose sharply to settle above $126 per barrel for the first time and U.S. gold futures ended 2.3 percent higher at just below $900 an ounce.