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by Stockwatch Business Reporter
New York spot gold dropped $13.40 to $1,193.10 Friday, as the U.S. dollar rose to a 5.5-year high after the Labor Department said American employers hired 321,000 workers last month. This is the largest monthly increase since January, 2012. Analysts had been predicting a rise of only 230,000. The TSX Venture Exchange lost 5.39 points to 701.99 and the TSX Gold Index lost 3.25 points to 146.25.
Canadian gold miners followed bullion down. Agnico Eagle Mines Ltd. (AEM) dropped 50 cents to $27.09, Goldcorp Inc. (G) lost 43 cents to $22.31, Yamana Gold Inc. (YRI) lost eight cents to $4.49 and Barrick Gold Corp. (ABX) fell 37 cents to $13.21.
Brian Kennedy and Peter Dougherty's Argonaut Gold Inc. (AR) dropped 12 cents to $1.62, an all-time low, on 2.11 million shares. The stock has slid from $6.60 in February, pushing the value of Mr. Kennedy and Mr. Dougherty's 2.75 million shares down by $13.6-million. Argonaut has two gold mines in Mexico, El Castillo and La Colorada, from which the company expects to produce 120,000 gold equivalent ounces this year. The company would like to expand production, but it has no set timeline.
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