Agnico Eagle Mines' stock soared 5.02% during intraday trading on Friday, significantly outperforming the broader market.
The surge in the gold miner's share price tracked a sharp rise in bullion prices. Spot gold was up 1.5% at $4,992.27 per ounce after weaker-than-expected U.S. inflation data reignited hopes for Federal Reserve interest rate cuts this year.
Gold mining stocks typically move in tandem with the price of gold, as their profitability is directly linked to the metal. The soft inflation data offset concerns from stronger jobs data earlier in the week, driving investors toward the precious metal and related equities.