Spot Gold Prices Firm on Debt Fears

New York spot gold prices made some gains Tuesday afternoon, as money went into safe-haven buying.
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NEW YORK (TheStreet) -- New York spot gold prices made some gains Tuesday afternoon as money went into safe-haven buying amid renewed fears of a euro debt spillover effect after Spain bailed out a regional bank over the weekend.

Asian markets have also been tight as a result of escalating tension between North Korea and South Korea over the fatal sinking of a South Korean warship in March.

Spot gold prices were rising by $3.80, or 0.3%, to $1196.10 an ounce Tuesday afternoon.

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New York spot silver prices were falling 12 cents, or 0.7%, to $17.77 an ounce.

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New York spot platinum prices, meanwhile, were declining $36, or 2.4%, to $1,491 an ounce, while its sister metal was also losing traction.

New York spot palladium prices were giving up $14, or 3.2%, to $431 an ounce.

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Mining stocks and metals ETFs were heading lower Tuesday afternoon. Mining stocks offer another form of exposure to precious metals.

North American Palladium

(PAL)

was tumbling 5.2% to $3.10, while

ETFS Physical Palladium Shares

(PALL) - Get Report

was surrendering 3.8% to $43.16.

Silvercorp Metals

(SVM) - Get Report

was falling 3.5% to $6.85 and

Silver Wheaton

(SLW)

was losing 3.2% to $17.54.

-- Reported by Andrea Tse in New York

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