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by Stockwatch Business Reporter

New York spot gold closed down $4.70 to $1,181.50. The United States Federal Reserve met today, and will wrap up its two-day meeting tomorrow. Analysts will be watching the Fed's afternoon statement closely for any signs of when it plans to increase interest rates. Here in Canada, the TSX Gold Index rose a fraction of a point to 678.82, while the TSX Gold Index lost 2.39 points to 152.77.

Gold miners in Canada followed bullion down. Barrick Gold Corp. (ABX) dropped 38 cents to $13.77, Goldcorp Inc. (G) dropped 38 cents to $20.18, New Gold Inc. (NGD) lost 14 cents to $3.70 and Eldorado Gold Corp. (ELD) dropped 13 cents to $5.07 on 2.62 million shares.

Eldorado has updated a feasibility study for its four-million-ounce Tocantinzinho gold deposit in Brazil. A mine there will cost $466-million to build, up from $383-million. The company says the project's remote location has presented some cost challenges. Eldorado does not plan to start construction in Brazil until it brings its Skouries and Olympias gold projects in Greece to production. Permits seem to be more and more likely as Greece continues to argue with its European creditors. With summer approaching, mine opponents have started complaining about dust and noise, which they say is interrupting tourism. The locals are hoping to receive 600,000 tourists this year, many of which will be on pilgrimages to Mount Athos, a sacred mountain that hosts many monasteries. Eldorado has several mine supporters these days, protesting in favour of the mine, namely its 2,000 workers who each earn around 1,150 euros a month.

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