Spot Gold Prices Up on Earnings Recovery

New York spot gold prices advanced Wednesday, as Freeport McMoRan topped Wall Street profit estimates for the first quarter.
Author:
Publish date:


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.

Image placeholder title

New York spot silver prices, meanwhile, are up 27 cents, or 1.5% to $18.09 an ounce Wednesday afternoon.

Image placeholder title

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

years ahead of schedule

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.

Image placeholder title

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

RELATED STORIES:

>>Spot Metals Roundup, 4/20: Spot Gold Prices Propped Up by Dollar

>>Spot Metals Roundup, 4/20: Spot Gold Melts Under Goldman's Heat

>>Spot Metals Roundup, 4/16: Spot Gold Prices Succumb to Dollar

>> Spot Metals Roundup, 4/15: Spot Gold Shows Dollar Defiance

Follow TheStreet.com on

Twitter

and become a fan on

Facebook.

Copyright 2010 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.