Spot Gold Gains Traction on Jobs Report

Spot gold prices are showing more strength Friday as investors question the economic recovery.
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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.

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New York spot silver prices were losing 54 cents, or 3%, to $17.41 an ounce.

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New York spot platinum prices, meanwhile, were shedding $24, or 1.6%, to $1,519 an ounce, while its sister metal was losing traction.

New York spot palladium prices were surrendering $22, or 4.9%, to $427 an ounce.

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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

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