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Gold Summary for Aug. 13, 2015

2015-08-13 20:58 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold closed down $10.80 to $1,114.70 Thursday. The TSX Venture Exchange slipped 2.57 points to 576.01 and the TSX Gold Index lost 6.42 points to 131.55.

Gold miners in Canada ended the day down. Barrick Gold Corp. (ABX) dropped 42 cents to $10.13, Agnico Eagle Mines Ltd. (AEM) dropped $1.86 to $31.65, Kinross Gold Corp. (K) lost 17 cents to $2.61 and Eldorado Gold Corp. (ELD) fell 29 cents to $4.98.

Eldorado received some good news today: Greece's Supreme Court issued two decisions in the company's favour. It can now start clearing land at it Skouries-Olympias gold project in northern Greece. The company was planning to spend $310-million on mine development this year, but it has had to push about $200-million worth of spending into 2016 because of permitting delays. Meanwhile, at the company's other gold mines in Turkey and China, all-in cash costs are around $900 an ounce, about the same as last year. Eldorado's chief executive officer, Paul Wright, is one of the better-paid mining CEOs, having received $1.5-million in salary last year plus a $3.9-million cash bonus.

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