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by Stockwatch Business Reporter
New York spot gold lost $5.20 to $1,386.30 Friday, after the United States Commerce Department reported orders for durable goods rose by 3.3 per cent in April, better than the 1.5-per-cent increase for which economists had been hoping. This is another sign that the U.S. economy is improving. In Canada, the TSX Venture Exchange added 6.27 points to 948.32, while the TSX Gold Index slipped 2.47 points to 188.63.
Canadian gold miners followed bullion lower. Agnico Eagle Mines Ltd. (AEM) lost 58 cents to $29.64, Alamos Gold Inc. (AGI) lost 25 cents to $14.03 and Barrick Gold Corp. (ABX) dropped 43 cents to $19.69. The government of Chile has temporarily suspended Barrick's Pascua-Lama gold project, and fined the company $16-million, the maximum penalty for environmental violations. Barrick will be allowed to resume construction, but only after it builds a system to contain contaminated water that is to the government's liking.
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