Spot Gold Prices Sag
NEW YORK (TheStreet) -- Spot gold prices were falling as the dollar strengthened ahead of a key FOMC announcement on the fed funds rate.
The Fed, as expected, left the rate unchanged, at the 0% to 0.25% range.
The U.S. dollar index has been up 0.7% to $81.32.
New York spot gold prices were falling $4.80, or 0.4%, to $1,196.40 an ounce Tuesday afternoon.
New York spot silver prices were down 11 cents, or 0.6%, at $18.22 an ounce.
New York spot platinum prices, meanwhile were declining $7, or 0.5%, to $1,535 an ounce, while its sister metal was losing traction.
More on Commodities |
New York spot palladium prices were sliding by $5, or 1.1%, to $471 an ounce.
Mining stocks and exchange-traded funds (ETFs) were trading in mixed territory Tuesday afternoon. Mining stocks offer another form of exposure to precious metals.
Stillwater Mining
(SWC)
was falling 3.7% to $13.44 while
Freeport-McMoRan Copper & Gold
(FCX) - Get Report
was tumbling by 2.3% to $73.03.
ETFS Physical Palladium Shares
(PALL) - Get Report
was 1% lower to $47.22 and
iShares Silver Trust
(SLV) - Get Report
was 0.3% higher to $18.02.
-- Reported by Andrea Tse in New York
RELATED STORIES:
>>Spot Metals Roundup, 8/09: Spot Gold Prices Fall With Dollar Strength
>> Spot Metals Roundup, 8/06: Spot Gold Prices Extend Gains
>> Spot Metals Roundup, 8/05: Spot Gold Prices Firm Amid Equities Decline
>>Spot Metals Roundup, 8/04: Spot Gold Prices Firm With Limited Gains
Get more stock ideas and investing advice on our sister site,
Follow Andrea Tse on
and become a fan on
Copyright 2010 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
