Spot Gold Spurred by Greece Woes
NEW YORK (TheStreet) -- New York spot gold prices firmed Thursday afternoon as uncertainty over Greece's ability to temper its debt crisis continued to escalate.
Spot gold prices were rising $4.30, or about 0.4%, to $1,152.30 an ounce.
"The euro region remains in suspense regarding the fate of its southern member's financial fate as the recently cobbled-together plan to help it appears to be coming apart at the seams and as local banks cry 'help!'" Kitco analyst Jon Nadler wrote in a report on Thursday.
"Greek bonds slumped this morning, signaling apprehensions that the life preserver that was tendered to the country last week is deflating before it could be of use," Nadler continued.
New York spot silver prices, meanwhile, were down 3 cents, or 0.2%, to $18.10 an ounce Thursday afternoon.
New York spot platinum prices were rising $10, or 0.6%, to $1,711 an ounce, while its sister metal lost ground.
New York spot palladium prices were down $6, or 1.2% to $501 an ounce.
Mining stocks, which offer another form of exposure to precious metals, were trading in mixed territory Thursday afternoon.
Kinross Gold
(KGC) - Get Report
stock was gaining 0.1% to $18.30, while
Goldcorp
(GG)
stock was rising 0.7% to $40.10.
Stillwater Mining
(SWC)
shares were falling 1% to $14.80, and
North American Palladium
(PAL)
was down 0.2% to $4.70.
-- Reported by Andrea Tse in New York
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