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Gold Summary for Jan. 24, 2024

2024-01-24 18:23 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold fell $16.40 to $2,012.50 on Wednesday. The TSX Venture Exchange lost 1.19 points to 550.17 while the TSX gold index lost 5.68 points to 259.73. Ero Copper Corp. (ERO) bucked the trend, adding $1.07 to $20.73 on 486,000 shares. Investors' collective sense of foreboding was tingling today: Novagold Resources Inc. (NG) plans to reveal its 2023 results after the close, but the market sent the stock down 44 cents to $4.25 on 643,000 shares ahead of the news.

Iamgold Corp. (IMG), which leapt 47 cents on 7.8 million shares yesterday on word of its 2023 results -- and good news about construction of its Cote mine -- lost 19 of those cents today, closing at $3.39 on 2.49 million shares. The company did have news today: The company's French subsidiary has received approval for its offer to acquire Euro Ressources SA for 3.50 euros per share.

Dan Dickson's Endeavour Silver Corp. (EDR) fell nine cents to $2.29 on 436,000 shares on word that the cost of completing its Terronera mine in Jalisco, Mexico has grown -- again. The mine carried a capital cost of $175-million (U.S.) in a 2021 feasibility study, but the estimate grew to $230-million (U.S.) last year. Now, the company pegs the cost at $271-million (U.S.), a further 18-per-cent increase.

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