Spot Gold Prices Cave to Jobs Report

Spot gold prices have been falling Thursday as a better-than-expected jobs report emerges.
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NEW YORK (TheStreet) -- Spot gold prices were falling Thursday as a better-than-expected jobs report emerged.

Initial weekly claims declined by 23,000 to 452,000 in the week ended Oct. 16, from the week before. However, the extent of the decline was amplified by the Labor Department's upward revision of the previous week's figure to 475,000 from 462,000. Analysts on average predicted that initial claims would fall by 7,000 to 452,000, according to

Briefing.com.

New York spot gold prices were falling by $20.80, or 1.6%, to $1,325.30 an ounce Thursday afternoon.

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New York

spot silver prices

were down by 79 cents, or 3.3%, to $23.14.

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New York spot platinum prices were lower by $10, or 0.6%, to $1,673 an ounce, while its sister metal was slipping.

New York spot palladium prices were dropping by $1, or 0.2%, to $586 an ounce.

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A group of mining stocks were trading in mixed territory Thursday afternoon. Mining stocks offer another form of exposure to precious metals.

Silvercorp

(SVM) - Get Report

was falling by 3.2% to $8.67 as

Stillwater Mining

(SWC)

fell by 2.4% to $15.81.

Freeport-McMoRan Copper & Gold

(FCX) - Get Report

was up by 0.8% to $96.14.

North American Palladium

(PAL)

was falling by 2.5% to $4.34.

-- Written by Andrea Tse in New York.

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