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by Stockwatch Business Reporter

New York spot gold closed up $22.10 to $1,215.10 Wednesday. The TSX Venture Exchange added 1.29 points to 693.11 and the TSX Gold Index added 3.33 points to 170.16.

Gold miners in Canada followed bullion higher. Barrick Gold Corp. (ABX) gained 43 cents to $15.84, Goldcorp Inc. (G) gained 50 cents $23.24, Detour Gold Corp. (DGC) added 13 cents to $13.66 and Iamgold Corp. (IMG) rose 14 cents to $2.81.

Josef El-Raghy's Egyptian gold miner Centamin PLC (CEE) rose eight cents to $1.23 on 99,000 shares. The company produced 108,000 ounces of gold at its Sukari mine in the first quarter, up from 74,000 ounces a year earlier. It attributes the increase to a mine expansion completed last year. Centamin aims to produce 430,000 ounces of gold this year, at an all-in cost of $950 an ounce, but the title to its mine is still in question. A former member of the Egyptian parliament sued the company in October, 2012, claiming that it does not hold legal title. The company appealed, and in the meantime it has been allowed to continue operations as usual. Egypt's new president, Abdel Fattah al-Sisi, seems to support development of all kinds, although the same cannot be said for his ministers. This week, justice minister Mahfouz Saber had to resign, after saying children of garbage collectors are too lowly to become judges.

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