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Spot Gold Prices Fall on China News

Spot gold prices are taking some losses as the yellow metal loses appeal against a firmer stock market being fueled by news that China may allow for more currency flexibility.
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NEW YORK (TheStreet) -- Spot gold prices are taking some losses Monday as the yellow metal loses appeal against a firmer stock market being fueled by news that China may allow for more currency flexibility.

Spot gold prices were falling $21.10, or 1.7%, to $1,235.40 an ounce Monday afternoon.

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New York spot silver prices were decreasing 36 cents, or 1.9%, to $18.81 an ounce.

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New York spot platinum prices, meanwhile, were losing $2, or 0.1%, to $1,587 an ounce, while its sister metal was gaining traction.

New York spot palladium prices were rising $1, or 0.2%, to $489 an ounce.

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Mining stocks and metals ETFs were experiencing mixed action Monday afternoon. Mining stocks offer another form of exposure to precious metals.

Silvercorp Metals

(SVM) - Get Silvercorp Metals Inc. Report

was falling 4.7% to $7.15, while

Freeport-McMoRan Copper & Gold

(FCX) - Get Freeport-McMoRan, Inc. (FCX) Report

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was adding 5.1% to $69.27.

Hecla Mining

(HL) - Get Hecla Mining Company Report

was falling 3.4% to $5.69, while

Stillwater Mining

(SWC)

was rising 4.2% to $14.09.

-- Reported by Andrea Tse in New York

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