Spot Gold Prices Claw Higher
NEW YORK (TheStreet) -- Spot gold prices were attempting to claw their way into neutral territory Monday afternoon after suffering a wave of selling pressure that occurred as investors took profits and raised cash across the commodities complex.
Downward pressure carried over from last week as the appetite for stocks got a boost from positively surprising October retail sales and big merger headlines. This was offset by disappointing New York regional manufacturing data and bargain hunting, which provided the yellow metal with a lift.
New York spot gold prices were flat at $1,367.80 an ounce.
New York
were falling by 11 cents, or 0.4%, to $25.93.
New York spot platinum prices were rising by $10, or 0.6%, to $1,676 an ounce, while its sister metal was trading sideways.
New York spot palladium prices were flat at $676 an ounce.
Mining stocks and precious metals ETFs were trading in the red Monday afternoon. Mining stocks offer another form of exposure to precious metals.
Kinross Gold
(KGC) - Get Kinross Gold Corporation Report
was falling by 1.9% to $18 and
Stillwater Mining
(SWC)
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was tumbling by 3.5% to $19.33.
Pan American Silver
(PAAS) - Get Pan American Silver Corp. Report
was losing 1.7% to $36.14 and
North American Palladium
(PAL)
was inching down by 0.9% to $5.28.
ETFS Physical Palladium Shares
(PALL) - Get abrdn Physical Palladium Shares ETF Report
was falling by 1.3% to $67.11 while
ETFS Physical Platinum Shares
(PPLT) - Get abrdn Physical Platinum Shares ETF Report
was 0.2% lower to $166.80.
-- Written by Andrea Tse in New York.
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