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Gold Summary for Feb. 8, 2024

2024-02-08 18:32 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold fell $0.40 to $2,032.90 on Thursday. The TSX Venture Exchange rose 2.17 points to 549.49 while the TSX gold index dropped 2.29 points to 255.14. A few miners bucked the trend today. SSR Mining Inc. (SSRM) rose four cents to $12.66 on 546,000 shares and First Quantum Minerals Ltd. (FM) added 12 cents to $12.22 on 2.68 million shares. Most of the declines were modest, with the 18-cent drop to $19.95 on 6.09 million shares recorded by Barrick Gold Corp. (ABX) typical of most.

Barrick did have news today. It rolled out a reserve update, listing a one-million-ounce increase to its tally despite energetic mining during 2023. The company now has 1.4 billion attributable tonnes of ore grading 1.65 grams per tonne, good for a total of 77 million ounces of gold. (Exploration added five million ounces to the tally, while the miners removed about four million ounces during the year.)

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