Spot Gold Prices Gain Traction
NEW YORK (
) -- Spot gold prices have gained traction again, following a dollar-rally spurred by better-than-expected jobs data.
Spot gold prices rose $3.20, or 0.3% to $1135.70 an ounce, after an initial sell-off that was prompted by a rise in the U.S. dollar.
Spot gold prices were recovering from early losses in part due to increased investor appetite for the yellow metal as the unemployment rate remained unchanged at 9.7%.
Silver prices also firmed up in the spot market as the major U.S indices advanced. Spot silver prices increased 22 cents, or 1.3% to $17.40 an ounce.
Spot platinum prices on the other hand lost 2 cents, or 0.1% to $1,575 an ounce.
Meanwhile, palladium prices rose 17 cents, or 3.7% to $475 an ounce. Kitco analyst Jon Nadler says market analysts at Germany's Heraeus report that "UBS is saying that emerging market sale of autos are now running nearly double the pace of sales in the US, Euro Zone and Japan since 2008."
Mining stocks were largely up.
Stillwater Mining
(SWC)
jumped 6.7% to $13.80, and
North American Palladium
(PAL)
rose 5% to $4.40.
Silver Wheaton
(SLW)
popped 3.4% to $15.60.
Southern Copper
(SCCO) - Get Report
jumped 3.3% to $31.50, and
Freeport-McMoRan Copper & Gold
(FCX) - Get Report
added 2.5% at $80.80.
-- Reported by Andrea Tse in New York
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