NY Spot Gold Pressured by Europe Concerns
NEW YORK (TheStreet) -- New York spot gold prices have lost ground mid-afternoon as the dollar rises amid more Europe uncertainties, including Greece debt worries and Fitch Ratings' lowering of Portugal's credit rating by a notch.
"Once again, a sharply falling euro dragged bullion prices down under $1,100.00, while the U.S. dollar surged by a massive 0.85 on the trade-weighted index, reflecting the safe-haven bids that investors are placing upon it as the crisis in the Old World shows no signs of letting up," Kitco analyst Jon Nadler writes.
Spot gold prices have fallen $15.10, or 1.4%, to $1,087.70 an ounce.
New York spot silver prices are down 39 cents, or 2.3%, to $16.60 an ounce in the intraday.
New York spot platinum prices have fallen by $27, or 1.7%, to $1,581 an ounce, while its sister metal has also lost ground.
New York spot palladium prices are down $21, or 4.5% in the afternoon, at $444.00 an ounce.
Mining stocks, which offer another form of exposure to precious metals, are trading in negative territory.
Kinross Gold
(KGC) - Get Report
is down 4.4% at $17, while
Goldcorp
(GG)
has fallen 3.9% at $37.40.
Hecla Mining
(HL) - Get Report
is down 4.5% at $5.40, while
Pan American Silver
(PAAS) - Get Report
has fallen 4.7% to $22.60.
-- Reported by Andrea Tse in New York
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