NEW YORK (TheStreet) -- Spot gold prices are softer Wednesday afternoon, coming down after an earlier rally.
"Spot precious metals dealings opened the midweek session with growing losses following a stable overnight period, as the Wednesday recovery rally appeared to lose steam on waning safe-haven demand," Kitco analyst Jon Nadler wrote in a daily report. "Fear has been slowly but surely leaking out of the gold market since the metal reached an all-time pinnacle last month."
New York spot gold prices were falling by $5.50, or 0.5%, to $1,205.80 an ounce Wednesday afternoon.
New York spot silver prices were flat at $18.28 an ounce.
New York spot platinum prices, meanwhile, were losing $6, or 0.4% to $1,519 an ounce, while its sister metal was trading sideways.
More on Commodities
New York spot palladium prices were at $464 an ounce.
Mining stocks and exchange-traded funds (ETFs) were trading in mixed territory Wednesday afternoon. Mining stocks offer another form of exposure to precious metals.
was up 0.4% to $19.27 while
Freeport-McMoRan Copper & Gold
was falling 1.3% to $63.27.
ETFS Physical Palladium Shares
was up 0.5% to $46.40 and
SPDR Gold Trust
was down 0.3% to $118.03.
-- Reported by Andrea Tse in New York.
>>Spot Metals Roundup, 7/01: Market Weighs on Spot Gold Prices
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