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Spot Gold Prices Action 'Puzzling'

New York spot gold prices closed in the red even after minutes from the Fed Reserve's September policy-setting meeting suggested another round of quantitative easing could occur sooner rather than later.
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NEW YORK (TheStreet) -- New York spot gold prices ended in the red even after minutes from the Fed Reserve's September policy-setting meeting suggested that another round of quantitative easing could occur sooner rather than later.

The minutes were released Tuesday afternoon.

Earlier, Chuck Butler, President of EverBank World Markets, told

TheStreet

he was surprised by the yellow metal's unenthusiastic reaction to the minutes. "That's puzzling to me. The currencies aren't moving higher either," he said. "And gold has moved so much lately because of the weak dollar."

He went on to say that he doesn't believe the dollar strength "will last too long as the dollar doesn't have any yield to offer investors."

New York spot gold prices ended lower by $3.40, or 0.3%, to $1,350.50 an ounce Tuesday.

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New York

spot silver prices

closed slightly higher by 3 cents, or 0.1%, to $23.31.

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New York spot platinum prices fell by $6, or 0.4%, to $1,676 an ounce, while its sister metal lost traction.

New York spot palladium prices lost $5, or 0.9%, to $581 an ounce.

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A handful of mining stocks and precious metals ETFs ended Tuesday's trading session in mixed territory. Mining stocks offer another form of exposure to precious metals.

Kinross Gold

(KGC) - Get Kinross Gold Corporation Report

fell by 1% to $18.94, while

North American Palladium

(PAL)

rose by 1.6% to $4.42.

Newmont Mining

(NEM) - Get Newmont Corporation Report

lost 0.9% at $62.

Barrick Gold

(ABX)

was down 0.6% to $48.44.

Silver Wheaton

(SLW)

was up 0.6% to $26.75.

SPDR Gold Trust ETF

(GLD) - Get SPDR Gold Shares Report

fell 0.3% to $131.96 and

ETFS Physical Palladium Shares

(PALL) - Get Aberdeen Standard Physical Palladium Shares ETF Report

tumbled 0.9% to $58.

ETFS Physical Platinum

(PPLT) - Get Aberdeen Standard Physical Platinum Shares ETF Report

was down 0.3% to $167.40.

-- Written by Andrea Tse in New York.

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