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Gold Summary for March 2, 2015

2015-03-02 21:13 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold closed down $7.80 to $1,205.90 Monday, falling as the U.S. dollar rose after China increased its interest rates. The TSX Venture Exchange slipped 2.43 points to 704.30 and the TSX Gold Index lost 4.03 points to 177.98.

Gold miners in Canada ended the day down. Detour Gold Corp. (DGC) lost 49 cents to $11.60, Yamana Gold Inc. (YRI) lost nine cents to $5.22, Agnico Eagle Mines Ltd. (AEM) lost four cents to $40.13 and Barrick Gold Corp. (ABX) lost 25 cents to $16.01.

Paul Wright's Eldorado Gold Corp. (ELD) dropped 49 cents to $6.72 on 8.88 million shares. Greece's unpredictable new energy minister has revoked Eldorado's permit to build a processing plant at its Skouries gold mine in northern Greece. Eldorado is not pleased. President Wright has spent the past few weeks assuring investors that the new Greek government would support the mine. The company has invested $450-million on development in Greece so far, on top of the $2.5-billion it paid to acquire Skouries by taking over its previous owner, European Goldfields Ltd., in 2011. Eldorado had been budgeting $310-million on Skouries development this year, but now it says it might have to reconsider.

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