Spot Gold Melts Under Goldman's Heat
NEW YORK (TheStreet) -- New York spot gold prices lost some steam Monday afternoon as Goldman Sachs (GS) - Get Report and Goldman Sachs-related concerns continue to put pressure on commodities, while lifting the dollar.
Spot gold prices fell $1.60, or about 0.1%, to $1,135.20 an ounce at the end of Monday's trading session.
On Monday, Kitco analyst Jon Nadler noted that "...the US dollar surged to 81.25 on the index on the perception that commodities as an asset class will take a notable hit in demand by virtue of the advent of regulation that is likely to follow the Goldman debacle.... Support in gold will hopefully become manifest around $1,117.00 but the risk of a sub-$1,100 dip has once again risen substantially following the 'Goldman Commodity Slide.'"
New York spot silver prices, meanwhile, rose 2 cents, or 0.1% to $17.72 an ounce Monday afternoon.
New York spot platinum prices added $6, or 0.4%, to $1,695 an ounce, while its sister metal gained traction.
New York spot palladium prices were up $8, or 1.5% to $536 an ounce.
Mining stocks, which offer another form of exposure to precious metals, were largely trading in the red Monday afternoon.
North American Palladium
(PAL)
stock lost 1% to $5.20, while
Hecla Mining
(HL) - Get Report
fell 1.4% to $5.60.
Silvercorp Metals
(SVM) - Get Report
fell 1.1% to $7.40.
Meanwhile,
ETFS Physical Palladium Shares
(PALL) - Get Report
ended the day 1.3% higher to reach $53.80.
-- Reported by Andrea Tse in New York
RELATED STORIES:
>>Spot Metals Roundup, 4/16: Spot Gold Prices Succumb to Dollar
>> Spot Metals Roundup, 4/15: Spot Gold Shows Dollar Defiance
>>Spot Metals Roundup, 4/14: Spot Gold Prices Rise With Euro
>>Spot Metals Roundup, 4/13: Spot Gold Prices Lose Traction
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