Spot Gold Cedes Gains to Stocks

Spot gold prices have been falling Wednesday afternoon, as the yellow metal loses some of its appeal amid a rebound in U.S. stocks.
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NEW YORK (TheStreet) -- Spot gold prices have been falling Wednesday afternoon, as the yellow metal loses some of its appeal amid a rebound in U.S. stocks.

New York spot gold prices were falling $5.20, or 0.4%, to $1,229.20 an ounce Wednesday afternoon.

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New York spot silver prices were losing 10 cents, or 0.5%, to $18.44 an ounce.

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New York spot platinum prices, meanwhile, were declining $4, or 0.3%, to $1,569 an ounce, while its sister metal was gaining traction.

New York spot palladium prices were rising $2, or 0.4%, to $472 an ounce.

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Mining stocks and metals ETFs were trading in mixed territory Wednesday afternoon. Mining stocks offer another form of exposure to precious metals.

Silvercorp Metals

(SVM) - Get Report

was rising 4.4% to $7.12, while

North American Palladium

(PAL)

was falling 2.3% to $3.41.

ETFS Physical Palladium Shares

(PALL) - Get Report

was inching up by 0.2% to $47.29 and

Newmont Mining

(NEM) - Get Report

was jumping by 3.4% to $58.26.

-- Reported by Andrea Tse in New York

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