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Gold Summary for July 23, 2021

2021-07-23 19:02 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold fell $5.10 Friday, closing at $1,801.80. The TSX Venture Exchange lost 7.4 points to 902.56 while the TSX gold index slipped 2.00 points to 293.50. Most Canadian gold miners moved lower today. One exception was Ero Copper Corp. (ERO), a miner of gold and copper in Brazil, which added 11 cents to $23.95 on 200,000 shares. Franco-Nevada Corp. (FNV), nearly $194 barely a week ago, helped lead today's decline, losing $3.19 to $184.85 on 763,000 shares.

Newmont Corp. (NGT), an $80 stock a week ago, lost another 10 cents to $75.57 on 526,000 shares on its sixth consecutive day of lower closes. The company reported a $661-million (U.S.) second quarter profit earlier this week. Newmont averaged over $1,820 (U.S.) per ounce for the 1.45 million attributable ounces of gold it produced in the quarter, and its all-in sustaining costs dropped slightly, to $1,035 (U.S.) per ounce. Nevertheless, Newmont also warned investors that costs for materials, energy and labour -- the costs of mining in other words -- are rising significantly.

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