Spot Gold Prices Lose Traction
NEW YORK (TheStreet) -- New York spot gold prices continued to slide from its recent glory, with the dollar springing back and debt-burdened Greece receiving some solace from the promise of an aid package worth tens of billions of euros at a lower-than-average interest rate.
Spot gold prices were falling $3, or about 0.3%, to $1,153 an ounce.
"The euro's stalled rally was a contributor to this morning's declines as apprehensions resurfaced regarding how Greece might make use of the 45 billion euro Band-Aid it received over the weekend," Kitco analyst Jon Nadler wrote in a report on Tuesday.
New York spot silver prices, meanwhile, were trading sideways at $18.22 an ounce Tuesday afternoon.
New York spot platinum prices were falling $11, or 0.6%, to $1,713 an ounce, while its sister metal gained traction.
New York spot palladium prices were up $5, or 1% to $522 an ounce.
A handful of mining stocks, which offer another form of exposure to precious metals, were trading in the red Tuesday afternoon.
Silver Wheaton
(SLW)
stock has slid 1.7% to $17.10, while
Hecla Mining
(HL) - Get Hecla Mining Company Report
stock has tumbled 3.5% to $5.70.
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Meanwhile,
Kinross Gold
(KGC) - Get Kinross Gold Corporation Report
stock has fallen 1.6% to $18.10, while
Barrick Gold
(ABX)
stock is down 1.3% to $40.20.
-- Reported by Andrea Tse in New York
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