Spot Gold Prices Up, Platinum Slips

New York spot gold prices have inched up Tuesday afternoon, as spot platinum and palladium prices take back some earlier gains from Monday.
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NEW YORK (TheStreet) -- New York spot gold prices have inched up Tuesday afternoon, as spot platinum and palladium prices take back some earlier gains from the previous day.

Kitco analyst Jon Nadler cited Resource Capital Research as saying that "we are moderately bearish on the outlook for gold in the medium-term because we consider that the current uptrend for the U.S. dollar could continue, particularly when taking into account the status of most of the currencies the greenback is measured against... we consider that gold's supply-demand fundamentals also tip the balance towards further gold price weakening."

Spot gold prices have risen $4.90, or about 0.4%, to $1,135.70 an ounce.

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New York spot silver prices are down 12 cents, or 0.7%, to $17.90 an ounce in the intraday.

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New York spot platinum prices have fallen $4, or 0.2%, to $1,699 an ounce, while its sister metal has gained ground.

New York spot palladium prices are up $3, or 0.6% in the afternoon at $504 an ounce.

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Mining stocks, which offer another form of exposure to precious metals, are generally trading in light volume and mixed territory Tuesday afternoon.

Kinross Gold

(KGC) - Get Report

is up 0.8% at $17.90 and

North American Palladium

(PAL)

is down 1.1% at $4.50.

Silver Wheaton

(SLW)

is up 0.5% at $16.90.

Meanwhile,

ETFS Physical Palladium Shares

(PALL) - Get Report

is up 0.1% at $50.50.

-- Reported by Andrea Tse in New York

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