Skip to main content

Spot Gold Prices Racking Up Support

Spot gold prices have been edging higher around midday Wednesday after exuding some dullness earlier this week on some restored confidence in the U.S. dollar and renewed interest in the currencies and treasuries.
  • Author:
  • Publish date:


NEW YORK (TheStreet) -- Spot gold prices were edging higher around midday Wednesday after evincing some dullness earlier this week on restored confidence in the U.S. dollar and renewed interest in the currencies and treasuries.

Furthermore, China's interest-rate hike this week sparked some worries that the move would lead to a degree of lessening of interest in the yellow metal. Nevertheless, long-time gold watchers such as BullionVault's head of research Adrian Ash remained undaunted. "The baby-step rate hike doesn't unwind that driver of gold investment for China's massive household savings," Ash said in a research note.

"The real-rate imperative to buy gold remains strong," he went on. "And with India's festival season running into the Chinese New Year between now and February, pullbacks like we got Tuesday are likely to meet good physical bids in Asian trade." On Wednesday around noon, the dollar index was down by 1.4% to $77.11.

New York spot gold prices were up by $7, or 0.5%, to $1,342.30 an ounce Wednesday afternoon.

Image placeholder title

New York

spot silver prices

were rising by 45 cents, or 1.9%, to $23.82.

Image placeholder title

New York spot platinum prices were advancing by $18, or 1.1%, to $1,679 an ounce, while its sister metal, also a key element in auto catalyst production, moved higher.

New York spot palladium prices were popping by $15, or 2.6%, to $585 an ounce.

Image placeholder title

A group of mining stocks and precious metals ETFs were advancing Wednesday afternoon. Mining stocks offer another form of exposure to precious metals.

Silvercorp

(SVM) - Get Silvercorp Metals Inc. Report

TheStreet Recommends

was gaining 3.9% to $8.99 as

Stillwater Mining

(SWC)

rose by 4.2% to $16.29.

Freeport-McMoRan Copper & Gold

(FCX) - Get Freeport-McMoRan, Inc. Report

was higher by 2.9% to $95.41.

North American Palladium

(PAL)

was up 1.8% to $4.43.

ETFS Physical Platinum Shares

(PPLT) - Get Aberdeen Standard Physical Platinum Shares ETF Report

was up 1% to $167.27 and

ETFS Physical Palladium Shares

(PALL) - Get Aberdeen Standard Physical Palladium Shares ETF Report

was rising by 3.2% to $58.47.

-- Written by Andrea Tse in New York.

>To contact the writer of this article, click here:

Andrea Tse

.

>To follow the writer on Twitter, go to

Andrea Tse

.

>To submit a news tip, send an email to:

tips@thestreet.com

.

RELATED STORIES:

>> Spot Metals Roundup, 10/18: Spot Gold Prices Dull on QE2 Confusion

>>Spot Metals Roundup, 10/15: Spot Gold Prices Dip on Hazy Fed Tone

>> Spot Metals Roundup, 10/14: Spot Gold Prices Pause; Silver Dazzles

>> Spot Metals Roundup, 10/13: Wednesday: Spot Gold Prices Rebound

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