Spot Gold Prices Succumb to Dollar
NEW YORK (TheStreet) -- New York spot gold prices gave up earlier gains Friday against stronger dollar action Friday.
Spot gold prices were falling $24.10, or about 2.1%, to $1,134.70 an ounce.
"The stronger dollar was cited as the primary mover at this point; however a manifest gain in scrap gold flows on the back of a four-month peak in gold prices during this week also contributed to further profit-taking among speculators," Kitco analyst Jon Nadler wrote in a report on Friday.
New York spot silver prices, meanwhile, were losing 76 cents, or 4.1% to $17.64 an ounce Friday afternoon.
New York spot platinum prices were falling $31, or 1.8%, to $1,688 an ounce, while its sister metal lost traction.
New York spot palladium prices were down $15, or 2.8% to $528 an ounce.
Mining stocks, which offer another form of exposure to precious metals, were trading in the red Friday afternoon.
Newmont Mining
(NEM) - Get Newmont Corporation Report
stock has lost 3.3% to $51.30, while
Kinross Gold
TheStreet Recommends
(KGC) - Get Kinross Gold Corporation Report
has fallen 3.8% to $17.50.
Hecla Mining
(HL) - Get Hecla Mining Company Report
has lost 4.4% to $5.60, while
Silver Wheaton
(SLW)
has fallen 3.4% to $17.10.
-- Reported by Andrea Tse in New York
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