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by Stockwatch Business Reporter

New York spot gold closed up $9.40 to $1,663.90 Tuesday, as the U.S. dollar fell after the Conference Board said American consumer confidence has fallen this month. India says it has imported 75 tonnes of gold so far in January, up from 65 tonnes in January, 2012. It attributes the increase to buyers purchasing ahead of the gold import tax increase of Jan. 21. In Canada, the TSX Venture Exchange gained 14 points to 1,231 and the TSX Gold Index added two points to 281.

Major Canadian gold miners mirrored bullion's rise. Yamana Gold Inc. (YRI) gained 44 cents to $16.65, Goldcorp Inc. (G) gained 60 cents to $36.11, Franco-Nevada Corp. (FNV) rose $1.31 to $53.72 and Barrick Gold Corp. (ABX) added 12 cents to $32.88.

Stan Bharti's Belo Sun Mining Corp. (BSX) rose 15 cents to $1.56 on 2.28 million shares. The company has a pleasing round of assays, including 12 metres of 11 grams per tonne gold, from its Volta Grande property in Brazil. There, it awaits a prefeasibility study, expected this quarter. Unlike most gold explorers, Belo Sun has risen since January of last year, when it was trading around $1. It has climbed from 25 cents three years ago, when Mr. Bharti took control from Stephen Roman. Mr. Bharti's highly paid management company, Forbes & Manhattan, has since helped Belo Sun raise more than $120-million, drill more than 187 kilometres and boost its Volta Grande gold resource by 4.7 million ounces to 6.9 million ounces. Belo pays Mr. Bharti's management company $280,000 a year for its fine services.

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