Spot Gold Gains Traction on Jobs Report
NEW YORK (TheStreet) -- Spot gold prices showed more strength Friday as investors questioned the economic recovery after a weak May nonfarm payrolls report, which sent the major stock indices into the red and triggered a flight to safe haven investments.
Spot gold prices were rising $10.80, or 0.9%, to $1,218.60 an ounce Friday afternoon.
New York spot silver prices were losing 54 cents, or 3%, to $17.41 an ounce.
New York spot platinum prices, meanwhile, were shedding $24, or 1.6%, to $1,519 an ounce, while its sister metal was losing traction.
More on Commodities |
New York spot palladium prices were surrendering $22, or 4.9%, to $427 an ounce.
Mining stocks and metals ETFs were losing ground Friday afternoon. Mining stocks offer another form of exposure to precious metals.
North American Palladium
(PAL)
was falling 2.1% to $3.28, while
Freeport-McMoRan Copper & Gold
(FCX) - Get Freeport-McMoRan, Inc. (FCX) Report
was declining 4.5% to $63.22.
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Stillwater Mining
(SWC)
was falling 9.2% to $11.64, while
ETFS Physical Palladium Shares
(PALL) - Get Aberdeen Standard Physical Palladium Shares ETF Report
was giving up 4.6% to $42.82.
-- Reported by Andrea Tse in New York
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