Spot Gold Prices Firm on Macro Concerns

Spot gold prices have firmed over renewed macroeconomic worries in connection with European debt, as Fitch Ratings indicated that the U.K. needs to take stronger measures to reduce debt.
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NEW YORK (TheStreet) -- Spot gold prices firmed over renewed macroeconomic worries in connection with European debt, as Fitch Ratings indicated that the U.K. needs to take stronger measures to reduce debt.

Spot gold prices were rising $2.80, or 0.2%, to $1243 an ounce Tuesday afternoon.

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New York spot silver prices were advancing 23 cents, or 1.3%, to $18.38 an ounce.

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New York spot platinum prices, meanwhile, were increasing $8, or 0.5%, to $1,521 an ounce, while its sister metal was gaining traction.

New York spot palladium prices were adding $8, or 1.9%, to $439 an ounce.

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

Newmont Mining

(NEM) - Get Report

was rising 3.3% to $56.98, while

Freeport-McMoRan Copper & Gold

(FCX) - Get Report

was advancing 3.2% to $60.51.

Hecla Mining

(HL) - Get Report

was increasing 3.3% to $5.27, and

Silver Wheaton

(SLW)

was moving up 4.1% to $19.37.

-- Reported by Andrea Tse in New York

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