Spot Gold Prices Lower on Lost Appeal

New York spot gold prices lost some ground Wednesday afternoon as stocks rallied.
Author:
Publish date:


NEW YORK (TheStreet) -- New York spot gold prices lost ground Wednesday afternoon as stocks got a boost from April pending-home sales data, which showed a better-than-expected increase.

Spot gold prices were falling $4.30, or 0.4%, to $1,220.80 an ounce Friday afternoon.

Image placeholder title

New York spot silver prices were losing 13 cents, or 0.7%, to $18.28 an ounce.

Image placeholder title

New York spot platinum prices, meanwhile, were rising $2, or 0.1%, to $1,547 an ounce, while its sister metal was losing traction.

New York spot palladium prices were down $5, or 1.1%, to $450 an ounce.

Image placeholder title

Mining stocks and metals ETFs were largely higher Wednesday afternoon. Mining stocks offer another form of exposure to precious metals.

North American Palladium

(PAL)

was rising 3.4% to $3.38, while

Freeport-McMoRan Copper & Gold

(FCX) - Get Report

was advancing 2.3% to $68.04.

Stillwater Mining

(SWC)

was adding 3.7% to $12.73, while

ETFS Physical Palladium Shares

(PALL) - Get Report

was falling 1.5% to $44.99.

-- Reported by Andrea Tse in New York

RELATED STORIES:

>> Spot Metals Roundup, 6/01: Spot Gold Firms on Market Uncertainties

>> Spot Metals Roundup, 5/28: Spot Gold Prices Ease Up Ahead of Holiday

>>Spot Metals Roundup, 5/27: Spot Spot Gold Prices Lose Some Steam

>> Spot Metals Roundup, 5/26: Safe Haven Buying Spurs Spot Gold Prices

Follow TheStreet.com on

Twitter

and become a fan on

Facebook.

Copyright 2010 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.