Spot Gold Prices Rise With Euro
NEW YORK (TheStreet) -- New York spot gold prices were bouncing back Wednesday in tandem with a rising euro.
Spot gold prices were rising $7.70, or about 0.7%, to $1,158.80 an ounce.
"A renewed rise in the euro this morning helped bullion prices recover after two days of profit-taking and indecisiveness," Kitco analyst Jon Nadler wrote in a report on Wednesday. "The gold bulls regained the upper hand."
New York spot silver prices, meanwhile, were advancing 20 cents, or 1%, to $18.42 an ounce Wednesday afternoon.
New York spot platinum prices were adding $12, or 0.7%, to $1,727 an ounce, while its sister metal, palladium, also gained traction.
New York spot palladium prices were up $17, or 3.2% to $544 an ounce. Palladium has been gaining ground ever since
Anglo Platinum
revealed Tuesday the possibility of a palladium shortage, with demand surpassing production for the greater part of the next decade.
Mining stocks, which offer another form of exposure to precious metals, spiked by the handful Wednesday afternoon.
Stillwater Mining
(SC) - Get Report
stock shot higher by 7.8% to $16.40, while
North American Palladium
(PAL)
gained 8% to $4.90.
ETFS Physical Palladium Shares
(PALL) - Get Report
popped 3.3% to $54.70, while
Silver Wheaton
(SLW)
edged up 1.7% to $17.50.
-- Reported by Andrea Tse in New York
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