Gold stocks surge on record metal prices

* S&P global gold index rises 6.4 percent

* Metal hits record high at $1,088.50/oz

* Kinross lags sector due to weak earnings (In U.S. dollars, unless noted)

TORONTO, Nov 3 - Shares of gold miners soared on Tuesday as the price of the precious metal jumped to a record high and took some of the sting out of what has been a mixed earnings season so far.

The sector, as measured by the widely focused S&P/TSX global gold index <.SPTTGD>, rose 6.4 percent.

Canadian mid-tier miner Iamgold <IMG.TO> led the way, rising 12.7 percent, while larger players such as South Africa's AngloGold Ashanti <ANGJ.J> and Canada's Goldcorp <G.TO>, were also among the top gainers, rising 10 percent and 7 percent.

Gold touched a record high of $1,088.50 an ounce in New York on news of the International Monetary Fund's sale of 200 tonnes to India. Analysts said the speed of the long-planned gold sale comforted investors who had worried a more drawn-out process could pressure prices.

"That was obviously a big positive for the gold market, and the equities are responding in kind, getting a big lift on it," said Paul Burchell, an analyst at Dundee Securities.

Options traders were also piling into gold, with calls -- bets that a stock will rise -- far outpacing puts on several gold miners, including South Africa's Gold Fields <GFIJ.J>, Iamgold and top producer Barrick Gold <ABX.TO>.

EARNINGS MIXED

Gold's rise to record levels comes in the midst of earnings results that have been decidedly hot and cold to date, perhaps explaining while gold stocks were merely at a weekly high on Tuesday, rather than a longer-term benchmark.

While core results from Barrick and Newmont <NEM.N> topped analyst estimates, mid-tier producers Agnico-Eagle <AEM.TO> and Kinross Gold <K.TO> each reported net losses and disappointing core results, as high costs associated with difficulties ramping up new mines trumped the impact of high gold prices.

Kinross, which reported its results after markets closed on Monday, was the weakest performer in the sector on Tuesday, falling 2 percent.

Agnico, while up 7 percent on the day, is down sharply since the loss was reported last week.

And while Barrick's core earnings were strong, its net result was a $5.4 billion loss due to a previously announced $5.7 billion charge to unwind its gold hedges. Its shares rose 6.6 percent.

"There's certainly disappointment about the results coming from (some of) the companies," said Burchell.

"But that doesn't mean that people aren't looking at them as investment vehicles. They're still piling into them with their wallets when we get a high gold price."