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Gold Summary for Oct. 13, 2021

2021-10-13 18:19 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold jumped $32.50 Wednesday, closing at $1,792.50. The TSX Venture Exchange rose 21.59 points, closing at 918.58, while the TSX gold index rose 8.12 points to 280.26. Most Canadian gold miners moved higher today, although shareholders of Ero Copper Corp. (ERO) were left wondering: "What about us?" Ero, which mines gold and copper in Brazil, dropped smartly early on following word that a Scotia Capital analyst, Orest Wowkadow, shaved a bit off the top of his target price. He still predicts $28 per share, but analysts always tout rosy forecasts -- until they don't. No matter, the market shrugged off the news as Ero ended the day up 44 cents to $24.01 on 514,000 shares.

Eldorado Gold Corp. (ELD), which rose $1.01 to $11.85 on 1.18 million shares, helped drive the advance. The company said late yesterday that it produced just over 125,000 ounces of gold in its third quarter -- better than the previous three months but not quite as good as a year ago. New Found Gold Corp. (NFG), which hit another new gold zone at Keats on its Queensway property in Newfoundland, roared 78 cents higher to $8.88 on 750,000 shares.

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