Spot Gold Prices Slide

Spot gold prices are driving lower Thursday afternoon as stronger risk appetite keeps the broader equity indices in positive territory.
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NEW YORK (TheStreet) -- Spot gold prices were driven lower Thursday afternoon as stronger risk appetite kept the markets in positive territory, but turned attention away from the yellow metal's appeal as a safe haven asset.

The major stock indices were kept in the green by a better-than-expected fall in initial jobless claims and a narrower U.S. trade gap -- offset by a Labor Department official's revelation that the positive jobs report was mainly based on estimates from two states and approximations for others because nine states didn't file claims for the most recent reporting week due to Labor Day.

New York spot gold prices were falling $8.90, or 0.7%, to $1,246.30 an ounce Thursday afternoon.

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New York spot silver prices were edging lower by 10 cents, or 0.5%, to $19.80 an ounce.

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New York spot platinum prices, meanwhile were down by $6, or 0.4%, to $1,547 an ounce, while its sister metal was losing traction.

New York spot palladium prices were sliding by $2, or 0.4%, to $520 an ounce.

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A number of mining stocks trading in negative territory Thursday afternoon. Mining stocks offer another form of exposure to precious metals.

Pan American Silver

(PAAS) - Get Report

was tumbling by 2.8% to $25.72 while

Barrick Gold

(ABX)

was falling by 2.9% to $44.15.

Silver Wheaton

(SLW)

was surrendering 3.3% to $23.22 while

Newmont Mining

(NEM) - Get Report

was giving up 2.4% to $60.07.

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-- Written by Andrea Tse in New York.

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