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Spot Gold Prices Pop on Global Concerns

Spot gold prices rise as investors pursue safe-haven buying following news that Japan's gross domestic product only grew 0.4% in the second quarter.
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NEW YORK (TheStreet) -- Spot gold prices rose as investors pursued safe-haven buying amid fears about the strength of the global economic recovery following news that Japan's gross domestic product only grew 0.4% in the second quarter.

New York spot gold prices were popping by $10, or 0.8%, to $1,225.40 an ounce Monday afternoon.

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New York spot silver prices were higher by 29 cents, or 1.6%, at $18.43 an ounce.

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New York spot platinum prices, meanwhile were up by $8, or 0.5%, to $1,529 an ounce, while its sister metal was gaining traction.

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New York spot palladium prices were adding $8, or 1.7%, to $484 an ounce.

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A handful of mining stocks and exchange-traded funds (ETFs) were trading higher Monday afternoon; mining stocks offer another form of exposure to precious metals.

Stillwater Mining

(SWC)

was up by 1.4% to $12.92, while

Freeport-McMoRan Copper & Gold

(FCX) - Get Report

was edging up by 0.8% to $70.60.

ETFS Physical Palladium Shares

(PALL) - Get Report

was advancing by 1.3% to $48.31 and

iShares Silver Trust

(SLV) - Get Report

was 1.6% higher at $18.02.

-- Reported by Andrea Tse in New York

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