Spot Gold Prices Firm Amid Equities Decline

Spot gold prices are stronger Thursday afternoon as the broader equities fall on an unexpected increase in initial weekly jobless claims.

Author:: Andrea Tse
Publish date:: Aug 5, 2010 2:50 PM EDT

NEW YORK (TheStreet) -- Spot gold prices are stronger Thursday afternoon as the broader equities fall on an unexpected increase in initial weekly jobless claims, offsetting uplifting news about private-sector job growth in July in the previous session.

New York spot gold prices were rising $1.60, or 0.1% , to $1,197.20 an ounce Thursday afternoon.

New York spot silver prices were flat at $18.34 an ounce.

New York spot platinum prices, meanwhile were falling $10, or 0.6%, to $1,569 an ounce, while its sister metal was losing traction.


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New York spot palladium prices were slipping by $1, or 0.2%, to $495 an ounce.

Mining stocks and exchange-traded funds (ETFs) were trading in mixed territory Thursday afternoon. Mining stocks offer another form of exposure to precious metals.

Stillwater Mining

(SWC)

was falling 1.5% to $14.07, while

Freeport-McMoRan Copper & Gold

(FCX) - Get Report

was tumbling 1.4% to $73.98.

ETFS Physical Palladium Shares

(PALL) - Get Report

was inching down 0.2% to $49.61 and

iShares Silver Trust

(SLV) - Get Report

was 0.2% higher at $17.96.