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Gold Summary for Oct. 9, 2014

2014-10-09 20:57 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold closed up $2.10 to $1,223.60 Thursday, as the U.S. dollar fell slightly. The TSX Venture Exchange lost 11.85 points to 836.82 and the TSX Gold Index slipped 4.95 points to 165.68.

Despite bullion's slight rise, Canadian gold miners ended the day down. Barrick Gold Corp. (ABX) lost 35 cents to $15.59, Agnico Eagle Mines Ltd. (AEM) dropped $1.06 to $32.99, Eldorado Gold Corp. (ELD) fell 10 cents to $8.35 and Detour Gold Corp. (DGC) fell 31 cents to $8.67.

Georges Cohen's Robex Resources Inc. (RBX) dropped five cents to 7.5 cents on 6.89 million shares, after the company suspended production indefinitely at its Nampala gold mine in Mali. It blames money (too little), gold (too cheap) and Ebola (too close). The suspension does not surprise investors. Last week, Robex had to slow down production at Nampala because it had failed to find the answer to its recovery problem. The company will need at least $12-million to improve gold recoveries. For now, it has laid off most of its workers and set up a "revitalization committee" to come up with a financing plan by Oct. 24.

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