Spot Gold Prices Fall After Stress Tests
NEW YORK (TheStreet) -- Spot gold prices inched lower Friday as the greenback rose against the euro in the wake of European bank stress-test results, which showed that seven out of 91 institutions failed.
Following a
sharp rally in the yellow metal
on Thursday, New York spot gold prices were falling $5.80, or 0.5%, to $1,188.70 an ounce Friday afternoon, though some market players were
holding fast and staying on the sidelines
.
New York spot silver prices were trading sideways at $18.12 an ounce.
New York spot platinum prices, meanwhile, were increasing $15, or 1%, to $1,539 an ounce, while its sister metal was gaining traction.
More on Commodities |
New York spot palladium prices were higher by $12, or 2.6%, at $466 an ounce.
Several mining stocks and
exchange-traded funds (ETFs)
were trading in positive territory Thursday afternoon. Mining stocks offer another form of exposure to precious metals.
Stillwater Mining
(SWC)
was rising 2.4% to $13.81, while
Freeport-McMoRan Copper & Gold
(FCX) - Get Report
was up 3.4% to $71.13.
ETFS Physical Palladium Shares
(PALL) - Get Report
was adding 2.8% to $46.74, while
iShares Silver Trust
(SLV) - Get Report
was edging 0.2% higher to $17.75.
-- Reported by Andrea Tse in New York.
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