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Gold prices hit six-month high

Gold prices hit six-month high after tumbling in 2022


Authorities in Russia’s Far East on Monday called off a rescue effort for 13 workers trapped deep underground in a collapsed gold mine and declared them dead.

The miners got trapped on March 18 at a depth of about 400 feet when part of the mine collapsed in the Zeysk district of the Amur region, about 3,000 miles east of Moscow.

About 200 rescuers used powerful pumps to try to take out water that flooded the mine, posing a challenge to the salvage operation.

In this photo taken from video released by Russia Emergency Situations Ministry press service on Monday, March 25, 2024, Russia Emergency Situations employees walk inside the gold mine in Zeysk district, Amur region, eastern Russia. 

/ AP

Regional authorities and the mine operator announced the termination of rescue efforts on Monday, saying that the mine remained flooded and more of its sections could collapse, jeopardizing emergency responders.

The company that operates the mine, one of Russia’s largest, said it would pay compensation to victims’ families.

Officials didn’t immediately say what caused the accident. Most mining accidents in the past have been blamed on violations of safety rules.

The accident comes just weeks after at least 16 people died when the mud wall of an illegal gold mine collapsed in the jungles of southern Venezuela.

In January, an unregulated gold mine collapsed in Mali, killing more than 70 people.

As of Friday, the price of gold was $2,232.75 per ounce, according to American Hartford Gold.

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