By Eric Lam Nov 7, 2014 10:29 AM ET

Canadian stocks rose a third day, headed for a fourth straight weekly gain, as unemployment rates in both Canada and the U.S. unexpectedly fell to a six-year low last month and gold producers advanced with the metal.

Kinross Gold Corp. and Detour Gold (DGC) Corp. rallied at least 7 percent as gold producers increased the most in the Standard & Poor’s/TSX Composite Index. (SPTSX) Raging River Exploration Inc. jumped 9.2 percent on better-than-projected earnings. Penn West Petroleum Ltd. and Enerplus Corp. gained as crude advanced.

The S&P/TSX rose 79.48 points, or 0.6 percent, to 14,642.86 at 10:27 a.m. in Toronto, headed for a weekly increase of 0.2 percent. The index has rallied for four weeks, the longest streak since March, rebounding 5.6 percent from a low on Oct. 15.

Canada’s unemployment rate dropped to 6.5 percent in October, compared with 6.8 percent the previous month, Statistics Canada said today in Ottawa. Employment rose by 43,100 after a jump of 74,100 in September on hiring led by retailers and financial companies.

Employment gains in the U.S. exceeded 200,000 for a ninth straight month in October and the jobless rate declined to 5.8 percent, even as more people entered the labor force.

Gold Producers

Kinross jumped 7.5 percent to C$2.73 for a second day of gains and Detour Gold advanced 16 percent to C$7.49 as raw-materials producers climbed 2.5 percent as a group. Gold for December delivery rose 1.1 percent to $1,155.20 an ounce in New York, headed for the biggest gain in three weeks. The metal fell in the previous seven sessions.

Four of 10 industries in the benchmark Canadian equity gauge advanced today on trading volume 11 percent higher than the 30-day average at this time of the day.

Raging River rose 9.2 percent to C$8.08, the biggest increase since March 2013, after boosting its 2014 production guidance. Penn West added 5.5 percent to C$4.88 and Enerplus rallied 6.8 percent to C$16.24. The S&P/TSX Energy Index increased 1.7 percent.

West Texas Intermediate increased 1.5 percent to $79.10 in New York, paring a weekly decline to 1.8 percent. Prices are down 20 percent for the year.

To contact the reporter on this story: Eric Lam in Toronto at elam87@bloomberg.net

To contact the editors responsible for this story: Jeff Sutherland at jsutherlan13@bloomberg.net