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by Stockwatch Business Reporter

New York spot gold closed up $1.10 to $1,095.60 Tuesday, ahead of Wednesday's United States Federal Reserve statement. In Canada, the TSX Venture Exchange rose 5.26 points to 586.97 and the TSX Gold Index edged up a fraction to 120.21.

Canadian gold miners ended some up, others down. Detour Gold Corp. (DGC) gained 33 cents to $11.05, Iamgold Corp. (IMG) rose nine cents to $1.82, Goldcorp Inc. (G) slipped two cents to $16.39 and Agnico Eagle Mines Ltd. (AEM) slipped one cent to $29.87.

Rod Antal's Alacer Gold Corp. (ASR) climbed 14 cents to $2.64 on 890,000 shares. The stock, which dipped below $2.30 last week, is now rallying on pleasing results. Alacer's Copler gold mine in Turkey produced 53,000 ounces of gold at an all-in cash cost of $598 an ounce in the second quarter. This makes Copler one of the world's lowest-cost gold mines. Alacer aims to produce 200,000 ounces of gold this year. So far, it has been surpassing its targets. The company has over $418-million in working capital, some of which it will use expanding the mine. For his work last year, chief executive officer Antal received $1.32-million in salary and bonus, in spite of the fact that Alacer's stock is trading near six-year lows. It has fallen from $12 in late 2011, a drop which CEO Antal blames on the company's 2011 merger with Australian miner Avoca Resources Ltd., for which Mr. Antal was not responsible because he was not there yet. The merger was supposed to double Alacer's gold production, and it did, but it also doubled all-in cash costs to over $1,300 an ounce. Mr. Antal sold the two unprofitable Australian gold mines for $180-million in 2013. Since then, he has been focusing on expanding Copler. The mine's low cash costs attracted some takeover interest last fall. Oceanagold Corp. (OGC: $2.66) was the only named suitor, but no deal was made.

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