Spot Gold Prices Drop Sharply - TheStreet

Spot Gold Prices Drop Sharply

Spot gold prices decline Thursday, with the stock markets weakening as well.
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NEW YORK (TheStreet) -- Spot gold prices were declining Thursday afternoon, with the stock markets weak but not weak enough to persuade investors to buy more of the yellow metal.

Spot gold prices were falling $15.50, or 1.3%, to $1208.50 an ounce Thursday afternoon.

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New York spot silver prices were losing 38 cents, or 2.1%, to $17.96 an ounce.

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New York spot platinum prices, meanwhile, were shedding $14, or 0.9%, to $1,541 an ounce, while its sister metal was also losing traction.

New York spot palladium prices were surrendering $5, or 1.1%, to $451 an ounce.

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Mining stocks and metals ETFs were losing ground Thursday afternoon. Mining stocks offer another form of exposure to precious metals.

North American Palladium

(PAL)

was falling 3.2% to $3.35, while

Freeport-McMoRan Copper & Gold

(FCX) - Get Report

was declining 5.2% to $65.40.

Stillwater Mining

(SWC)

was falling 3.1% to $12.64, while

ETFS Physical Palladium Shares

(PALL) - Get Report

was giving up 1.6% to $45.02.

-- Reported by Andrea Tse in New York

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