Spot Gold Prices: Selloff Not Over Yet - TheStreet

Spot Gold Prices: Selloff Not Over Yet

New York spot gold prices drift lower Friday afternoon as investors continued to cash in the yellow metal.
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NEW YORK (TheStreet) -- New York spot gold prices were drifting lower Friday afternoon, with investors continuing to cash in the yellow metal to fulfill margin calls in other markets, even as U.S. equities rebounded some.

Helping stocks were Germany's approval of the euro zone rescue package and the Senate's approval of the financial reform bill.

Spot gold prices were dropping by $6.40, or 0.5%, to $1176.60 an ounce Friday afternoon.

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New York spot silver prices were rising 2 cents, or 0.1%, to $17.65 an ounce.

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New York spot platinum prices, meanwhile, were falling $3, or 0.2%, to $1507 an ounce, while its sister metal was gaining traction.

New York spot palladium prices were adding $19, or 4.6%, to $434 an ounce.

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

North American Palladium

(PAL)

was rising 6.6% to $3.22 and

Freeport-McMoRan Copper & Gold

(FCX) - Get Report

was adding 3.8% to $66.06.

Meanwhile,

Stillwater Mining

(SWC)

was gaining 4.3% to $12.60 and

ETFS Physical Palladium Shares

(PALL) - Get Report

was rising 3.9% to $43.49.

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-- Reported by Andrea Tse in New York

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