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by Stockwatch Business Reporter

New York spot gold rose $8.10 to $1,941.40 on Friday. The TSX Venture Exchange added 4.08 points to 615.72 while the TSX gold index gained 3.75 points to 274.91. Most Canadian gold miners moved higher today. Kinross Gold Corp. (K) led the way, adding 32 cents to $6.64 on 9.28 million shares. The rally follows word that Kinross is planning to buy back up to 108.4 million shares through a normal course issuer bid over the coming year. It intends to do so, the company says, because it believes the market price of its common shares "may not, from time to time, fully reflect their value."

That would be most times, if not all, as share buybacks have been a regular thing in the past few years for Kinross. The company cheered plans to repurchase up to 10 per cent of its stock a year ago, and while it fell short of the maximum, Kinross was a bullish investor, acquiring and cancelling nearly 79 million of the allowed 114 million shares. The energetic buying may have helped -- Kinross bottomed at $3.91 in the late summer of 2022 but got above $7 briefly earlier this year.

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