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Gold Summary for Aug. 4, 2022

2022-08-04 18:42 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold rose $27.90 to $1,793.50 on Thursday. The TSX-V rose 4.88 points to 660.08 while the TSX gold index jumped 7.71 points to 240.31. Most Canadian gold miners gained ground, some energetically. Torex Gold Resources Inc. (TXG) jumped $1.34 to $10.72 on 968,000 shares in word that the company earned $70.3-million (U.S.) in its second quarter. The performance of the El Limon Guajes mine in Mexico -- higher open-pit grades and record underground production -- leaves the company set to hit its guidance targets for the year.

Maryse Belanger's Iamgold Corp. (IMG) slid 15 cents to $1.92 on 5.85 million shares. The company has updated its life-of-mine plan for its 70-per-cent-owned Cote project in Northern Ontario. The cost of the build, which is now about 57 per cent complete, is not for the faint of heart. Iamgold now estimates the full cost at about $2.9-billion (U.S.), with about $1.9-billion (U.S.) left to be spent by the co-venturers.

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