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Gold Summary for Jan. 17, 2023

2023-01-17 18:31 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold fell $6.90 to $1,908.80 on Tuesday. The TSX-V slid 3.37 points to 617.38 while the TSX gold index lost 9.30 points to 300.59. Most Canadian gold miners moved lower today and Iamgold Corp. (IMG) lost 15 cents to $3.64 on 2.93 million shares despite beating its revised production guidance for 2022. The market anxiety is likely the result of the company promising a February update regarding construction of its Cote mine in Northern Ontario, which is massively over its initial budget and behind schedule. Cote was to cost $1.15-billion (U.S.) when the project cleared feasibility in 2018, but the most recent estimates put the cost at about $3-billion (U.S.).

Investors were also disappointed with news from Torex Gold Resources Inc. (TXG) today. Torex fell 27 cents to $17.65 on 598,000 shares after the company revealed its 2023 guidance. Last week, the company said it beat its 2022 guidance, producing just over 474,000 ounces from its El Limon Guajes mine in Guerrero, Mexico, against a forecast of between 430,000 to 470,000 ounces. This year, the company expects to recover between 440,000 and 470,000 ounces from the mine -- but with higher operating and capital costs.

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