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Gold Summary for April 9, 2015

2015-04-09 20:15 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold closed down $8.70 to $1,193.50 Thursday, falling as the U.S. dollar rose slightly. The TSX Venture Exchange added 2.12 points to 691.00 and the TSX Gold Index edged up a fraction to 162.11.

Major Canadian gold miners had an inconsistent day. Barrick Gold Corp. (ABX) rose 21 cents to $15.63, Goldcorp Inc. (G) rose one cent to $23.66, Agnico Eagle Mines Ltd. (AEM) slipped two cents to $36.27 and Detour Gold Corp. (DGC) lost 51 cents to $11.32.

Ian Atkinson's Centerra Gold Inc. (CG) dropped 21 cents to $6.35 on 648,000 shares, after the Prime Minister of Kyrgyzstan, Djoomart Otobaev, told media outlets that his country is no longer interested in a joint venture with Centerra at the Kumtor gold mine. For the past two years, the Kyrgyzstani government had been trying to exchange its 77 million shares of Centerra (33 per cent of the company) for a 50-per-cent interest in the mine. It now says it is no longer interested after the company lowered its Kumtor gold reserves. Centerra recorded a $120-million impairment in February, after updating its mine plan to account for a large buttress that the company built to stop fast-moving glacial ice from falling into the mine's pit. There are still 7.7 million ounces of gold, proven and probable, at Kumtor. Centerra hopes to produce 535,000 ounces this year.

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