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Gold Summary for July 2, 2020

2020-07-02 19:38 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold rose $4.20 to $1,774.50 on Thursday. The TSX-V rose another 7.38 points to 627.51 while the TSX gold index slid 5.33 points to 340.62. Alio Gold Inc. (ALO) rose 21 cents to $1.92 on 855,000 shares on its penultimate day of trading. The company will disappear at Friday's close thanks to its acquisition by Argonaut Gold Inc. (AR). Argonaut added 32 cents to $2.88 on 5.21 million shares on word that the merger has been completed.

John McConnell's Victoria Gold Corp. (VGCX) lost 14 cents to $14.05 on 299,000 shares on word that its Eagle mine, near Mayo in central Yukon, reached commercial production effective at the start of July. The company says that activities at Eagle continue to progress well and all facilities and operations are now at, or are approaching, design capacity. This is a great -- and simultaneously bad -- time to be bringing a mine on stream: The price of gold is soaring as a result of the COVID-19 pandemic, but miners have had to deal with the additional rules in place to prevent the spread. Fortunately, Yukon has missed the brunt of the disease.

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