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Gold Summary for Aug. 9, 2024

2024-08-09 18:10 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold gained $1.30 Friday, closing at $2,428.70. The TSX Venture Exchange lost four points to 537.59 while the TSX gold index added 2.44 points to 341.02. Most Canadian gold miners -- at least the quiet ones -- stayed close to home in lacklustre trading. Kinross Gold Corp. (K) added seven cents to $11.65 on 4.6 million shares and Barrick Gold Corp. (ABX) gained 10 cents to $23.91 on 2.94 million shares.

And then there were those with news. Clive Johnson's B2Gold Corp. (BTO) slid 44 cents to $3.37 on 20.32 million shares on the heels of its second quarter report. The company produced over 212,000 ounces of gold in the quarter, good enough to yield over $78-million (U.S.) in net income for the quarter and $160-million (U.S.) for the first half of 2024.

The disappointment came from a delay in getting at higher-grade ore at the company's phase VII program at the Fekola open-pit operation in Mali -- the result of which is an expectation that the company will produce 50,000 fewer ounces from Fekola than predicted this year. Accordingly, the company has pared its Fekola guidance for 2024 to between 420,000 and 450,000 ounces from the earlier 470,000-to-500,000-ounce range.

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