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Gold Summary for Nov. 30, 2022

2022-11-30 18:24 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold rose another $18.70 to $1,768.50 on Wednesday. The TSX-V rose 12.08 points to 591.00 while the TSX gold index added 5.63 points to 276.16. Most Canadian gold miners carried on with yesterday's gains. Lundin Gold Inc. (LUG), up 59 cents yesterday following a 61-cent drop on Monday, jumped 67 cents to $13.27 on 709,000 shares today. Lundin's president and chief executive officer, Ron Hochstein, cheered news late yesterday that the company expects to produce between 425,000 and 475,000 ounces of gold next year and a bit more in each of the following two years.

Another Canadian-listed gold miner looks to sustain a recent rally: Eldorado Gold Corp. (ELD) added 28 cents to $10.31 on 1.02 million shares. There has been no news in the past week since a Credit Suisse analyst, Fahad Tariq, warned that he was maintaining an "underperform" rating on the company. While more a gloomier Gus than many of his peers, Mr. Tariq did boost his target to $6.50 from $5.75. Mr. Tariq expects gold prices could retreat next year and he still worries about inflation.

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