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by Stockwatch Business Reporter

New York spot gold closed up $13.90 to $1,294.20 Tuesday, rising with the U.S. dollar after China said its economy grew at the slowest pace in 24 years last year. The International Monetary Fund has lowered its global growth forecasts. Here in Canada, the TSX Venture Exchange lost 1.59 points to 671.57, while the TSX Gold Index rose 7.56 points to 189.26.

Gold miners in Canada followed bullion higher. Barrick Gold Corp. (ABX) gained 97 cents to $15.18, Goldcorp Inc. (G) gained 71 cents to $29.38, Eldorado Gold Corp. (ELD) gained 35 cents to $9.41 and Iamgold Corp. (IMG) gained 33 cents to $4.03.

Greg Chamandy's Richmont Mines Inc. (RIC) rose 36 cents to $4.41 on 770,000 shares, before being halted pending news. The company has arranged a $30-million bought deal of $4 shares with Macquarie Capital Markets Canada. Richmont plans to use the money at its Island Gold mine in Ontario, where new president Renaud Adams aims to expand gold resources by digging deeper underground. Currently, Richmont is mining 400 metres below surface, but Mr. Adams has proven that mineralization extends as deep as 1,200 metres. Richmont's stock has climbed from $1.20 last summer, thanks to improving gold production at Island as well as the company's two other gold mines in Quebec. All three mines produced 95,000 ounces of gold last year, up from 63,000 ounces in 2013. Richmont's all-in cash costs are a profitable $875 an ounce.

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