Newmont shares took off Friday after the gold mining giant posted quarterly profits that topped analysts' estimates, boosted by higher gold prices.

Newmont Corp. has made progress getting its costs under control, helping the world’s top gold miner beat expectations on earnings at a time when a rally for the precious metal is underpinning the industry.

The mining company reported higher profit as concerns about market volatility have driven the price of gold to record highs in recent months.