Spot Gold Price Up on Greece Woes

New York spot gold prices firmed Friday afternoon after European debt concerns worsened, with Fitch Ratings' decision to lower Greece's credit rating.
By Andrea Tse ,


NEW YORK (TheStreet) -- New York spot gold prices firmed Friday afternoon after European debt concerns worsened, with Fitch Ratings' decision to lower Greece's credit rating to BBB- from BBB+ with a downbeat outlook.

Spot gold prices were rising $9.60, or about 0.8%, to $1,160.80 an ounce.

"Against this background of uncertainties

related to fears of Greece defaulting on debtgold prices climbed, " Kitco analyst Jon Nadler wrote in a report on Friday.

New York spot silver prices, meanwhile, were up 28 cents, or 1.6%, to $18.34 an ounce Friday afternoon.

New York spot platinum prices were rising $8, or 0.5%, to $1,721 an ounce, while its sister metal gained ground.

New York spot palladium prices were up $8, or 1.6% to $510 an ounce.

Mining stocks, which offer another form of exposure to precious metals, were largely trading in positive territory Friday afternoon.

Kinross Gold

(KGC) - Get Report

stock has risen 1.1% to $18.60, while

Stillwater Mining

(SWC)

shares have jumped 4.5% to $15.70.

North American Palladium

(PAL)

is up 2.1% to $4.80.

Meanwhile,

ETFS Physical Palladium Shares

(PALL) - Get Report

have risen 1.4% to $51.20.

-- Reported by Andrea Tse in New York

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