Spot Gold Prices Up on Earnings Recovery
NEW YORK (TheStreet) -- New York spot gold prices advanced Wednesday, as Freeport-McMoRan Copper & Gold (FCX) - Get Reporttopped Wall Street profit estimates for the first quarter.
Spot gold prices have risen $6.80, or about 0.6%, to $1,147.20 an ounce at the end of Wednesday's trading session.
"Spot dealings opened the midweek session with a minor loss in gold. The metal turned higher later in the session, helped by mighty positive news on the earnings front from several US firms. Recovery = risk appetite = let's buy more commodities," Kitco analyst Jon Nadler noted on Wednesday.
New York spot silver prices, meanwhile, are up 27 cents, or 1.5% to $18.09 an ounce Wednesday afternoon.
New York spot platinum prices have added $20, or 1.2%, to $1,735 an ounce, while its sister metal has gained traction. Both industrial metals rose on hopes of stronger auto sales to come. During a visit to General Motors' Fairfax, Kansas, assembly plant on Wednesday, GM Chairman and CEO Ed Whitacre announced that the company is
in repaying bailout loans received under the Troubled Asset Relief Program.
New York spot palladium prices were up $14, or 2.6% to $564 an ounce.
Mining stocks, which offer another form of exposure to precious metals, were trading in mixed territory Wednesday afternoon.
North American Palladium
(PAL)
stock has fallen 6.1% to $4.94, while
Goldcorp
(GG)
stock is up 2% to $39.61.
Stillwater Mining
(SWC)
stock has gained 1.9% to $16.95. Freeport-McMoRan Copper & Gold has tumbled 3.3% to $78.12.
Meanwhile,
ETFS Physical Palladium Shares
(PALL) - Get Report
have advanced 2.3% to $56.49.
-- Reported by Andrea Tse in New York
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