The price of gold for December delivery advanced $10.60 to $623.50 an ounce at midday on the New York Mercantile Exchange.
"That gold managed to get above $610 and stay there prompted more people to come in and buy the metal and spooked off people who were considering selling," said HSBC analyst Victor Flores.
Barrick Gold Corp., the world's largest gold producer, saw its shares rise 55 cents to $31.55 on the New York Stock Exchange. Goldcorp Inc. shares added 23 cents to $26.51.
Newmont Mining Corp. reported third-quarter profit jumped 57 percent due to a sharp rise in gold prices, compared with the prior year. The company's stock rose $1.11, or 2.5 percent, to $46.38 at midday on the New York Stock Exchange.
Silver prices also rose, as did silver miner stocks. The metal gained 19 cents to $12.46 an ounce on the Nymex.
Pan American Silver Corp. shares picked up 45 cents, or 2 percent, to $22.61 on the Nasdaq, while Silver Wheaton Corp. shares rose 15 cents to $11.15 on the New York Stock Exchange.
