(RTTNews) - Toronto stocks turned mildly higher as gold stocks strengthened on the back of record bullion prices, offsetting weakness in the energy sector. The market is attempting to move off of a two-month low.

The S&P/TSX Composite Index has edged up 19.38 points or 0.17% to move at 10,898.29. The index is looking for just its second gain in eight sessions.

Gold stocks have surged 4.9% and materials are up 3% as the precious metal has surged more than $25 an ounce to a record high near $1,080 per ounce. New Gold (NGD.TO) has added 6.25%, Barrick Gold (ABX.TO) is up 6% and Goldcorp (G.TO) has gained 5.6%.

Iamgold Corp. (IMG.TO) has surged 9.3% after the company said it secured an approval to proceed with the $9 million deep sulphide feasibility Study from the Societe D'Exploitation Des Mines D'Or De Sadiola, the owner of the Sadiola Gold Mine in Mali, West Africa.

Kinross Gold (K.TO) has lost 1% after the company posted a net loss of US$21.5 million or US$0.03 per share for the third quarter, compared to net earnings of US$64.7 million or US$0.10 per share in the prior year quarter.

Industrials are up 1.5% amid word Warren Buffett's Berkshire Hathaway (BRKa) has agreed to acquire Burlington Northern Santa Fe (BNI) for $100 per share in cash and stock.

Canadian Pacific (CP.TO) has rallied 3.4%, Bombardier (BBD.B.TO) has gained 3.2% and Canadian National Railway (CNR.TO) is up 2.5%.

Energy stocks are down 1%. Talisman Energy (TLM.TO) has slipped 1.6% after the company reported third quarter net income of C$30 million or C$0.03 per share, compared to C$1.43 billion or C$1.38 per share last year.

Precision Drilling (PD.UN.TO) has added 1.6% after the stock was initiated at Outperform by RBC Capital Markets

In other corporate news, MDS (MDS.TO) has dropped 1.5% after the company along with Danaher Corp. (DHR) have each received a second request for information from the Federal Trade Commission regarding the sale of MDS Analytical Technologies.

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