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Gold Summary for March 13, 2023

2023-03-13 19:56 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold rose $45.80 to $1,913.90 Monday as bullion continued a rally that began last week. The TSX Venture Exchange fell 3.63 points to 607.86 but the TSX gold index jumped 15.34 points to 280.61 on the rally. Most Canadian gold miners moved upward with enthusiasm, so pity the shareholders of New Gold Inc. (NGD), which lost two cents to $1.20 on 4.82 million shares. On the other hand, other investors enjoyed some big gains. Torex Gold Resources Inc. (TXG) leapt $1.52 to $18.65 on 1.18 million shares and Oceanagold Corp. (OGC) added 24 cents to $2.90 on 3.73 million shares, neither with news.

Collin Kettell and Denis Laviolette's New Found Gold Corp. (NFG) leapt 82 cents to $5.69 on 772,000 shares on word that a new Iceberg encounter has returned a long, near-surface, high-grade intersection on the Queensway property in north-central Newfoundland. The company began March with word of a 9.65-metre interval averaging 72.15 grams of gold per tonne at what was then the new Iceberg discovery, 300 metres northeast of the company's Keats Main zone and along the prolific Appleton fault. New Found has now topped that discovery hit with a 29.85-metre interval averaging 49.65 grams of gold per tonne.

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