Publish date:

Spot Gold Gains Traction on Jobs Report

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

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.

Image placeholder title

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

Image placeholder title

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.

Image placeholder title

Mining stocks and metals ETFs were losing ground Friday afternoon. Mining stocks offer another form of exposure to precious metals.

North American Palladium


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.

TheStreet Recommends

Stillwater Mining


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


>>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 on


and become a fan on


Copyright 2010 Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.