Spot Gold Prices Fueled by Investor Frenzy

New York spot gold prices have been popping as currency-hedgers following news about the European Central Bank and International Monetary Fund's $1 trillion European debt rescue plan jump into gold.
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NEW YORK (TheStreet) -- New York spot gold prices have been popping as currency-hedgers following the news about the European Central Bank and International Monetary Fund's $1 trillion European debt rescue plan jump into the gold market, and speculators buy it up for fear of missing out on a demand uptrend.

Spot gold prices were rising $14.50, or 1.2%, to $1245.90 an ounce Wednesday afternoon.

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New York spot silver prices were up 30 cents, or 1.6%, at $19.63 an ounce.

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New York spot platinum prices, meanwhile, were advancing $36, or 2.1%, at $1,739 an ounce, while its sister metal was gaining ground.

New York spot palladium prices were up $11, or 2.1%, at $544 an ounce.

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A handful of mining stocks were trading in positive territory Wednesday afternoon. Mining stocks offer another form of exposure to precious metals.

Kinross Gold

(KGC) - Get Report

was rising 3.8% to $19.42, while

Silver Wheaton

(SLW)

was adding 2.1% to $21.19.

Silvercorp Metals

(SVM) - Get Report

stock was rising 5.6% to $9.01.

Meanwhile,

Hecla Mining

(HL) - Get Report

stock was jumping 3.4% to $6.40.

-- Reported by Andrea Tse in New York

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