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by Stockwatch Business Reporter

New York spot gold closed down $15.90 to $1,368.80 Tuesday, hitting a four-week low as United States stock markets rose. Investors await comments from the U.S. Federal Reserve, which will wrap up its two-day meeting Wednesday. Here in Canada, the TSX Venture Exchange lost 4.05 points to 929.99 and the TSX Gold Index lost 5.52 points to 185.27.

Canada's bigger gold mining companies followed bullion lower. Barrick Gold Corp. (ABX) lost 51 cents to $19.24, Agnico Eagle Mines Ltd. (AEM) lost 97 cents to $30.14, Yamana Gold Inc. (YRI) dropped 59 cents to $10.90 and Kirkland Lake Gold Inc. (KGI) slipped four cents to $4.76.

David Palmer's Probe Mines Ltd. (PRB) lost three cents to $1.71 on 549,000 shares. The company has received the last of the assays from winter drilling at its Borden gold property in Ontario. Now it plans to update its current resource estimate of four million ounces of gold. Money is not a problem. Probe had over $30-million in working capital at Jan. 31, and it just closed $26.25-million in financings, $11-million of which came from Agnico Eagle. Probe budgets 80,000 metres of drilling in 2013. It is one of the few stocks up this year, although the company had some bad news last week. Probe had been hoping to receive up to $100-million for a piece of land it owns in Northern Ontario, but now it might receive nothing. This unhappy possibility removes one of Mr. Palmer's recent promotional points, the $100-million figure being his. Cliffs Natural Resources Inc.'s (CLF: $18.59) has suspended its billion-dollar chromite project, and a $600-million access road along with it. Probe's property, Black Creek, sits in the way of the proposed road, and the company was hoping for a buyout of the property. Cliffs blames its project's suspension on stalled talks with the Ontario government.

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