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Gold Summary for July 8, 2024

2024-07-08 18:31 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold fell $29.40 Monday, closing at $2,359.20. The TSX Venture Exchange dropped 7.7 points to 578.06 while the TSX gold index lost 0.81 point to 334.06. Most Canadian listed gold miners retreated today, although Lundin Gold Inc. (LUG) bucked the trend by gaining $1.10 to $21.91 on 646,000 shares. Capstone Copper Corp. (CS) helped lead the retreat with a 22-cent drop to $10.21 on 3.62 million shares.

Victoria Gold Corp. (VGCX) found a new low of 71 cents in intraday trading. The company faces an uncertain future in the wake of a major failure in the leach pad at its Eagle mine in Yukon. Mining is now suspended as the investigation and mitigation work carry on. Victoria, a $7 stock two weeks ago, ended the day down four cents to 77 cents on 4.2 million shares today.

Geoff Hampson's Soma Gold Corp. (SOMA) fell four cents to 52 cents on 215,000 shares on word of its own set of woes. The company has temporarily suspended mining and processing at its El Bagre mine in Colombia because of a community blockade that began Wednesday. The locals are disgruntled, the company says, over delays in local road maintenance and paving. Soma and the municipal politicians have been working to address the concerns through a cost-sharing plan covering 3.5 kilometres of regional road, but the pace is apparently too slow for the residents.

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