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Gold Summary for May 15, 2023

2023-05-15 19:07 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold rose $5.10 to $2,015.60 on Monday. The TSX Venture Exchange lost 2.03 points to 615.81 while the TSX gold index added 1.79 points to close at 323.41. Most Canadian gold miners were stronger again today. Torex Gold Resources Inc. (TXG) led the way, adding 83 cents to $20.74 on 843,000 shares, but then it was due, having lost $5.36 over the preceding three sessions following word of its first quarter results and a caution not to expect too much from its next two quarters.

And then there was poor Centerra Gold Inc. (CG). It shed $1.63 to $7.36 on 4.73 million shares on word it lost $73.5-million (U.S.) in its first quarter and a gloomier-than-hoped look ahead for the rest of the year. Centerra is predicting that its gold production will fall within the lower range of its guidance. Gloom aside, Centerra again declared a seven-cent dividend for the quarter.

Investors were also unhappy with new assays from the Tower Mountain project, west of Thunder Bay in Northwestern Ontario. Wes Hanson's Thunder Gold Corp. (TGOL) lost one of its precious few cents, ending the day at four cents on 1.84 million shares on word that it drilled a 36.3-metre interval averaging 0.59 gram of gold per tonne in the final batch of assays from its 4,000-metre drill program at Tower. A second hole yielded 0.53 gram per tonne over 24.5 metres and a third 0.56 gram per tonne over 10.5 metres.

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