The Financial Post reports in its Saturday edition that record gold prices are translating into higher profits for Canadian producers and excitement about the potential for more growth, though miners remain cautious on spending. A Canadian Press dispatch to the Post says that Agnico Eagle Mines is among the first big producers to report results after a quarter that saw gold top $3,000 an ounce, while this week it pushed to over $3,500 for the first time on fears of U.S. instability. The higher prices led Agnico Eagle to report record adjusted net income of $770-million for the quarter ending March 31, up from $377-million last year. Chief executive officer Ammar Al-Joundi emphasized on an earnings call Friday that higher gold prices will not lead to any big increases in spending as the company keeps a tight focus on returning money to shareholders. Agnico said it saw average realized gold prices of $2,891 per ounce, up from last year's first-quarter average price of $2,062 per ounce. The Canadian producer has also been able to keep its costs under control. Agnico said its production costs per ounce in the first quarter were $879, with total cash costs per ounce of $903 and all-in sustaining costs per ounce of $1,183.