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by Stockwatch Business Reporter

New York spot gold closed down 50 cents to $1,201.30 Tuesday, after United States Federal Reserve chairman Janet Yellen gave an uneventful speech to the U.S. Congress. She said the Fed will likely raise interest rates at some point, but that decision will be made on a meeting-to-meeting basis. Here in Canada, the TSX Venture Exchange slipped a fraction to 692.06 and the TSX Gold Index fell 1.69 points to 175.69.

Canadian gold miners had a down day. Goldcorp Inc. (G) lost 40 cents to $26.69, Agnico Eagle Mines Ltd. (AEM) lost 58 cents to $38.18, Eldorado Gold Corp. (ELD) slipped eight cents to $6.59 and Detour Gold Corp. (DGC) dropped 36 cents to $11.16.

The Fraser Institute has published its annual mining survey, ranking Finland as the world's best mining jurisdiction. Saskatchewan came second followed by Nevada, Manitoba and Western Australia. British Columbia placed 28th, up slightly from 32nd last year. The most notable year-over-year improvement went to Argentina's Catamarca province, which climbed to 35th from 103rd. The Kyrgyz Republic also improved, rising to 97th from dead last, or 112th, last year. Rounding out this year's bottom-five were the Solomon Islands, Honduras, Kenya, Hungary and Malaysia, which ranked 122nd thanks to 10 additional jurisdictions added to this survey.

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