Spot Gold Prices Come Off Highs

Spot gold prices are softer Wednesday afternoon, coming down after an earlier rally.
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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.

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New York spot silver prices were flat at $18.28 an ounce.

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New York spot platinum prices, meanwhile, were losing $6, or 0.4% to $1,519 an ounce, while its sister metal was trading sideways.

New York spot palladium prices were at $464 an ounce.

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Mining stocks and exchange-traded funds (ETFs) were trading in mixed territory Wednesday afternoon. Mining stocks offer another form of exposure to precious metals.

Silver Wheaton

(SLW)

was up 0.4% to $19.27 while

Freeport-McMoRan Copper & Gold

(FCX) - Get Report

was falling 1.3% to $63.27.

ETFS Physical Palladium Shares

(PALL) - Get Report

was up 0.5% to $46.40 and

SPDR Gold Trust

(GLD) - Get Report

was down 0.3% to $118.03.

-- Reported by Andrea Tse in New York.

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