Spot Gold Prices Extend Losses

Spot gold prices are extending their drop with the broader equities, as the yellow metal's portfolio diversifying attributes continue to be undermined by speculative buying.
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NEW YORK (TheStreet) -- Spot gold prices have extended their drop with the broader equities, as the yellow metal's portfolio diversifying attributes continue to be undermined by speculative buying.

New York spot gold prices were falling by $2.40, or 0.2%, to $1,225.60 an ounce Monday afternoon.

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New York spot silver prices were lower by 3 cents, or 0.2%, at $17.99 an ounce.

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New York spot platinum prices, meanwhile were unchanged at $1,508 an ounce, while its sister metal was gaining traction.

New York spot palladium prices were adding $7, or 1.5%, to $481 an ounce.

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A handful of mining stocks and exchange-traded funds were trading in mixed territory Monday. Mining stocks offer another form of exposure to precious metals.

SPDR Gold Trust

(GLD) - Get Report

was flat at $119.83 in after-hours trading activity while

Stillwater Mining

(SWC)

was rising by 3.1% to $13.57.

Freeport-McMoRan Copper & Gold

(FCX) - Get Report

was unchanged at $70.36.

Barrick Gold

(ABX)

was down by 0.3% to $43.96.

-- Reported by Andrea Tse in New York

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>> Spot Metals Roundup, 8/20: Inverse Relationship of Spot Gold Fades

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