Spot Gold Prices Extend Losses
NEW YORK (TheStreet) -- Spot gold prices are falling as demand for the yellow metal softens amid a surge in the U.S. dollar.
The U.S. dollar index has been up 1.8% to $82.33.
New York spot gold prices were declining by $3.90, or 0.3%, to $1,199.90 an ounce Wednesday afternoon.
New York spot silver prices were lower by 40 cents, or 2.2%, at $17.91 an ounce.
New York spot platinum prices, meanwhile were falling $26, or 1.7%, to $1,515 an ounce, while its sister metal was losing ground.
More on Commodities |
New York spot palladium prices were sliding by $11, or 2.3%, to $464 an ounce.
Mining stocks and exchange-traded funds (ETFs) were trading in the red Wednesday afternoon. Mining stocks offer another form of exposure to precious metals.
Stillwater Mining
(SWC)
was tumbling by 6.3% to $12.77, while
Freeport-McMoRan Copper & Gold
(FCX) - Get Report
was falling by 4.3% to $70.09.
ETFS Physical Palladium Shares
(PALL) - Get Report
was down by 2.1% to $46.42 and
iShares Silver Trust
(SLV) - Get Report
was 2.5% lower to $17.53.
-- Reported by Andrea Tse in New York
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