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Gold Summary for June 3, 2022

2022-06-03 19:52 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold lost $17.20 Friday, ending the day at $1,851.30. The TSX-V dropped 8.36 points to 720.11 today while the TSX gold shed 6.40 points to 298.86. Most Canadian gold miners drifted lower today, although with Ero Copper Corp. (ERO) the drop was more energetic, with an 87-cent decline to $15.23 on 409,000 shares. Ero has had no news in nearly a month.

One company in the news today, Kinross Gold Corp. (K), lost 19 cents to $5.72 on 4.10 million shares. Kinross hopped aboard the bandwagon of tightening Western sanctions against Russia in early spring, with an arrangement to sell its Russia-based mines for $680-million (U.S.). Two months later, Kinross is still working on its exit, which means it is still indirectly bankrolling Vladimir Putin's war against Ukraine. The company says it will not benefit financially while it works to close the sale, but either way, Russia looks to do well with Kinross's Kupol mine.

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