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 Report
was declining 4.5% to $63.22.
Stillwater Mining
(SWC)
was falling 9.2% to $11.64, while
ETFS Physical Palladium Shares
(PALL) - Get Report
was giving up 4.6% to $42.82.
-- Reported by Andrea Tse in New York
RELATED STORIES:
>>Spot Metals Roundup, 6/03: Spot Gold Prices Drop Sharply
>> Spot Metals Roundup, 6/02: Spot Gold Prices Lower on Lost Appeal
>> Spot Metals Roundup, 6/01: Spot Gold Firms on Market Uncertainties
>> Spot Metals Roundup, 5/28: Spot Gold Prices Ease Up Ahead of Holiday
Follow TheStreet.com on
and become a fan on
Copyright 2010 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
