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Gold Summary for Jan. 26, 2022

2022-01-26 19:24 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold slid $28.50 to $1,819.40 on Wednesday. The TSX-V surged early but ended the day down 0.92 point to 846.29. The TSX gold index slid 7.99 points to 280.45. Most Canadian gold miners moved little today, although one, Tony Makuch's Kirkland Lake Gold Ltd. (KL), fell $1.84 to $48.54 on 2.48 million shares. The company did have news, but not the kind that moves a stock, as it cheered a plan to set up a 5G wireless private network at its Detour Lake mine in Northern Ontario.

Mr. Makuch, president and chief executive officer, gushed about the plan like he and his crew had just drilled a major new deposit. Bringing the 5G network to Detour Lake "provides the stable and reliable service we need as we build the digital mine of the future." Detour Lake mines gold, not digits, but the company spins the plan to add eight new wireless towers along a 180-kilometre stretch of highway as one that will improve safety and close connectivity gaps.

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