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by Stockwatch Business Reporter

New York spot gold closed down $6.80 to $1,384.70 Monday as the U.S. dollar strengthened. Investors await the result of the United States Federal Reserve's two-day meeting, which begins Tuesday. Here in Canada, the TSX Venture Exchange added a fraction to 934.04 and the TSX Gold Index added a fraction to 190.79.

Major Canadian gold miners ended the day up slightly. Allied Nevada Gold Corp. (ANV) rose seven cents to $7.76, Eldorado Gold Corp. (ELD) rose six cents to $7.48, Goldcorp Inc. (G) gained 12 cents to $28.33 and Kinross Gold Corp. (K) increased five cents to $5.97.

Donovan Pollitt's Wesdome Gold Mines Ltd. (WDO) slipped 2.5 cents to 45 cents on 14,000 shares. The company has suspended contract mining at its Mishi and Eagle Star gold mines in Ontario to upgrade the mines' shared mill. In the first quarter, the mill processed 450 tonnes of ore a day, producing 11,500 ounces of gold. Wesdome plans to increase this to 1,000 tonnes per day. The company hopes its current stockpiles will be enough to meet this year's production guidance of 55,000 ounces of gold. It has already lowered its target once this year, from 70,000 ounces thanks to rising costs and falling grades at the company's third Ontario gold mine, Kiena. Wesdome plans to shut Kiena permanently at the end of June. News of the shutdown sent the 75-cent stock plunging to 45 cents in March. It had already slipped from $1.45 last fall and from $3 in 2010, the year Mr. Pollitt took over from his father, Murray. (Mr. Pollitt Sr. died of cancer in February, 2012.)

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