Spot Gold Price: Greece Is the Word

New York spot gold prices have reversed earlier losses as debt-laden Greece gets ready to formally request a rescue package from the European Union.
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NEW YORK (TheStreet) -- New York spot gold prices have reversed earlier losses as debt-laden Greece gets ready to formally request a rescue package from the European Union.

Spot gold prices were rising $13.40, or about 1.2%, to $1,154.70 an ounce Friday afternoon.

"The rescue package request news lifted the euro off of one-year lows, as it also caused Greek bonds to rally, various stock indices to rise, the U.S. dollar to retreat a bit, and commodities to stage a comeback as risk appetite reignited," Kitco analyst Jon Nadler noted in a Friday report.

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New York spot silver prices, meanwhile, were up 23 cents, or 1.3%, to $18.21 an ounce Friday afternoon.

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New York spot platinum prices were losing $2, or 0.1%, to $1,738 an ounce, while its sister metal lost ground.

New York spot palladium prices were trading at $559 an ounce, down $2, or 0.4%.

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Mining stocks, which offer another form of exposure to precious metals, were trading in mixed territory Friday afternoon.

Stillwater Mining

(SWC)

stock was rising 4.8% to $17.78, while

Silver Wheaton

(SLW)

stock was up 2.2% to $17.80.

Silvercorp Metals

(SVM) - Get Report

stock was gaining 2.7% to $7.61.

Meanwhile,

ETFS Physical Palladium Shares

(PALL) - Get Report

were losing 0.8% to $56.13.

-- Reported by Andrea Tse in New York

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