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Gold Summary for March 16, 2023

2023-03-16 19:56 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold added $1.10 to $1,919.50 Thursday while the TSX Venture Exchange rose 5.68 points to 602.20 and the TSX gold index fell 2.54 points to 282.90. Most Canadian gold miners lost ground today, with Eldorado Gold Corp. (ELD) down two cents to $12.98 on 702,000 shares and Centerra Gold Inc. (CG) off 14 cents to $8.32 on 1.81 million shares. Lundin Gold Inc. (LUG) did manage a 17-cent rise to $13.71 on 876,000 shares.

Paul Brink's Franco-Nevada Corp. (FNV) added $1.23 to $187.65 on 916,000 shares on word late Wednesday that it had earned just over $700-million (U.S.) last year, thanks to sales of nearly 730,000 equivalent ounces of gold. The count included 401,000 ounces of gold, 77,000 ounces of silver and 31,400 ounces of platinum group elements, with petroleum accounting for most of the other equivalent ounces. Therein lies the problem for 2023, says Mr. Brink, president and chief executive officer, as lower petroleum prices will cut the equivalent ounces. As for the gold, expect production consistent with last year.

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