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by Stockwatch Business Reporter

New York spot gold rose 20 cents to $2,382.20 on Tuesday. The TSX Venture Exchange lost 4.10 points to 572.57, while the TSX gold index shed 2.18 points to 307.07. There were some significant retreats today, most powered by news. Barrick Gold Corp. (ABX) fell $1.19 to $22.78 on 12.52 million shares on word it produced 940,000 ounces of gold and 40,000 tonnes of copper in its first quarter. Yes, the year is off to a slow start, but Barrick says its production will increase quarter by quarter and it expects to hit its 2024 guidance.

Keith Neumeyer's First Majestic Silver Corp. (FR) slid 85 cents to $9.46 on 4.08 million shares on word it produced just under 36,000 ounces of gold and 1.98 million ounces of silver in its first quarter -- both down substantially from the previous quarter and from a year earlier. The drop is mainly the result of water challenges at the La Encantada silver mine, which was shuttered but is expected to be back in production this summer. The problem is not new -- the market has been aware of it for months -- but seeing the result on the bottom line apparently spooked some shareholders.

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