Spot Gold Prices Dip on Economic News
NEW YORK (TheStreet) -- Spot gold prices were dipping in the red Monday afternoon as the greenback received a boost on better-than-expected economic data.
The U.S. dollar index rose 0.4% to $77.33 Monday afternoon as The Institute for Supply Management's manufacturing index registered greater-than-expected growth in U.S. manufacturing activity in October.
New York spot gold prices were falling by $8.80, or 0.7%, to $1,351 an ounce Monday afternoon.
New York
were down 15 cents, or 0.6%, to $24.60.
New York spot platinum prices were up $2, or 0.1%, to $1,705 an ounce, while its sister metal was gaining traction.
More on Commodities |
New York spot palladium prices were adding $1, or 0.2%, to $647 an ounce.
A group of mining stocks and precious metals ETFs were trading in mixed territory Monday afternoon. Mining stocks offer another form of exposure to precious metals.
Silvercorp Metals
(SVM) - Get Report
was gaining 4.1% to $9.73, while
Hecla Mining
(HL) - Get Report
was down 0.2% to $6.88.
North American Palladium
(PAL)
was adding 3% to $4.80 and
SPDR Gold Trust
(GLD) - Get Report
was down 0.5% to $131.98.
-- Written by Andrea Tse in New York.
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