Spot Gold Price Up on Greece Woes

New York spot gold prices firmed Friday afternoon after European debt concerns worsened, with Fitch Ratings' decision to lower Greece's credit rating.
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NEW YORK (TheStreet) -- New York spot gold prices firmed Friday afternoon after European debt concerns worsened, with Fitch Ratings' decision to lower Greece's credit rating to BBB- from BBB+ with a downbeat outlook.

Spot gold prices were rising $9.60, or about 0.8%, to $1,160.80 an ounce.

"Against this background of uncertainties

related to fears of Greece defaulting on debtgold prices climbed, " Kitco analyst Jon Nadler wrote in a report on Friday.

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New York spot silver prices, meanwhile, were up 28 cents, or 1.6%, to $18.34 an ounce Friday afternoon.

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New York spot platinum prices were rising $8, or 0.5%, to $1,721 an ounce, while its sister metal gained ground.

New York spot palladium prices were up $8, or 1.6% to $510 an ounce.

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

Kinross Gold

(KGC) - Get Report

stock has risen 1.1% to $18.60, while

Stillwater Mining

(SWC)

shares have jumped 4.5% to $15.70.

North American Palladium

(PAL)

is up 2.1% to $4.80.

Meanwhile,

ETFS Physical Palladium Shares

(PALL) - Get Report

have risen 1.4% to $51.20.

-- Reported by Andrea Tse in New York

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