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Gold Summary for March 24, 2020

2020-03-24 17:39 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold rose $84.80 to $1,636 on Tuesday. Markets rebounded today from Monday's COVID-19 lows, which saw 40 per cent of the market's value wiped out in the past month. This time the TSX Venture Exchange followed suit, adding 29.56 points to end the day at 380.75 points to regain some of the 45-per-cent drop that it had endured over the past month.

The TSX gold index also did well, adding 30.32 points to 261.06. For golds, investor capitulation came in mid-March, when most Canadian gold miners hit lows at least 40 per cent below their February highs. Since then, they have recouped more than half their losses despite many of them temporarily closing -- or at least contemplating closing -- their mines. Teranga Gold Corp. (TGZ), nearly a $9 stock late in February, tripped market circuit breakers on its way to a mid-March low of $2.97. It has since been bouncing back smartly; adding another $1.22 today to end the session at $7.30 on 2.07 million shares.

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