Spot Gold Prices Soar on Europe Concerns

Spot gold prices have been popping over renewed European sovereign debt concerns after Moody's cut Portugal's credit rating by two notches to A1, citing feeble economic growth and debt worries.
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NEW YORK (TheStreet) -- Spot gold prices have been popping over renewed European sovereign debt concerns after Moody's cut Portugal's credit rating by two notches to A1, which cited feeble economic growth and debt worries.

New York spot gold prices were up by $15.90, or 1.3%, to $1,213 an ounce Tuesday afternoon.

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New York spot silver prices were up 34 cents, or 1.9%, to $18.25 an ounce.

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New York spot platinum prices, meanwhile, were adding $12, or 0.8% to $1,525 an ounce, while its sister metal was gaining traction.

New York spot palladium prices were rising $10, or 2.2%, to $463 an ounce.

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A handful of mining stocks were popping Tuesday afternoon. Mining stocks offer another form of exposure to precious metals.

Stillwater Mining Company

(SWC)

was jumping 6.6% to $12.91, while

North American Palladium

(PAL)

was adding 3.4% to $3.35.

Hecla Mining

(HL) - Get Report

was rising 1.4% to $5.02, and

Barrick Gold

(ABX)

was up 0.3% to $43.68.

-- Reported by Andrea Tse in New York.

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