High gold prices are translating into more exploration for minerals across northwestern Ontario - and not just the metal that glitters.

Gold prices are hovering around $2,500 per ounce ($1,900 US), after hitting a record high in July.

"It's not just gold, but gold, silver and platinum group metals," said Garry Clark, the executive director of the Ontario Prospectors Association.

"It's the best thing that can happen for prospectors and explorers, is they can bring money in and get people interested in their properties to move them forward."

Clark said exploration is on an upswing, after being slowed by COVID-19 restrictions in the spring.

Since last fall, there's been a fairly constant exploration flow, he said.

"It's been fairly steady right through. A lot of new companies in the area, and a lot of prospectors optioning their properties," he said, noting that the price is one of the top items to dictate exploration.

"People are going back to projects they've looked at before, but also finding new things, finding that these may be economic at these prices."

The expanding amount of exploration in the region is no surprise to Karl Skogstad, an assistant professor of economics at Lakehead University, who has focused on mining in the northwest.

"What this allows, is with the price of gold going up, you're allowed to go after more of this ore body that might not have been profitable earlier on," Skogstad said.

"Even though there's less gold in areas of ore, it's viable."

Skogstad said the higher price may also have positive impacts on employees who could cash in on stock options, or could negotiate higher pay. He said communities near gold mines may also have profit-sharing agreements, which is done with some First Nation communities.

He said even though there are no gold mines in the immediate vicinity of Thunder Bay, many companies that supply mines are based in Thunder Bay, so the city itself may also reap the benefit of higher prices.

As for why the price of gold is so high, Skogstad pointed to world events.

"Gold is also held as a hedge against uncertainty, and most people people would agree with COVID, and the U.S. election and trade wars, and all these things that we are living in a time of uncertainty," he said.

The price of gold has been climbing for more than a year, he said, although it is difficult to predict when that price could lower.

Skogstad said some of the projects across northwestern Ontario that could benefit from the increased price are in the Greenstone, Dryden and Red Lake areas.