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Gold Summary for May 17, 2023

2023-05-17 18:41 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold fell $6.80 to $1,982.30 on Wednesday. The TSX Venture Exchange rose 4.73 points to 611.75 while the TSX gold index lost 3.75 points to close at 310.68. Most Canadian gold miners edged lower and a few retreated with gusto. Lundin Gold Corp. (LUG) fell 81 cents to $17.41 on 462,000 shares and Iamgold Corp. (IMG) lost 22 cents to $3.73 on 2.73 million shares. McEwen Mining Inc.(NGT) bucked the trend, adding 18 cents to $10.63 on 30,000 shares.

And then there were those with news: Collin Kettell and Denis Laviolette's New Found Gold Corp. (NFG) rose eight cents to $5.95 on 199,000 shares on word it has drilled a 28.65-metre interval averaging 5.16 grams of gold per tonne in the Keats West zone of its Queensway project in north-central Newfoundland. A second of the nine new holes from the area also did well, with a 14.65-metre interval averaging 4.02 grams per tonne.

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