Spot Gold Up, but Platinum Steals Spotlight

New York spot gold prices edged up Monday, but the spotlight was on the platinum group of metals, which made substantial advances amid renewed economic enthusiasm.
Author:
Publish date:


NEW YORK (TheStreet) -- New York spot gold prices edged up Monday, but the spotlight was on the platinum group of metals, which made substantial advances amid renewed economic enthusiasm.

William Rhind, strategic director of

ETF Securities'

U.S. unit said"the global auto recovery, the impact of the softer U.S. dollar, and potential supply concerns out of South Africa are driving platinum group metal prices," according to

Reuters

, while HSBC analyst James Steel said that light trading volume attributable to many closed overseas markets Monday helped exaggerate movements in certain markets like palladium, the

Associated Press

reported.

Spot gold prices have risen $5.40, or about 0.5%, to $1,131.80 an ounce.

Image placeholder title

New York spot silver prices are up 18 cents, or 1%, to $18.10 an ounce in the intraday.

Image placeholder title

New York spot platinum prices have risen $33, or 2%, to $1,701 an ounce, while its sister metal has gained ground.

New York spot palladium prices are up $11, or 2.3% in the afternoon at $500 an ounce.

Image placeholder title

Mining stocks, which offer another form of exposure to precious metals, finished Monday's trading session in positive territory. The biggest gainers include

Silver Wheaton

(SLW)

stock , which finished up 3.6% at $16.80 and

Silvercorp Metals

(SVM) - Get Report

stock, which ended the day up 3.3% at $7.30. Meanwhile,

ETFS Physical Palladium

(PALL) - Get Report

shares finished up 3% at $50.40.

-- Reported by Andrea Tse in New York

RELATED STORIES:

>>Spot Metals Roundup, 4/01: Spot Gold Price Fueled by Jobs News

>>Spot Metals Roundup, 3/31: Spot Gold Rises on Jobs Data

>>Spot Metals Roundup, 3/30: NY Spot Gold Falls Ahead of Holidays

>>Spot Metals Roundup, 3/29: Spot Gold Price Nudges Up on Euro Debt

>>Spot Metals Roundup, 3/26: South Korean Ship Sinks; Gold Rises

Follow TheStreet.com on

Twitter

and become a fan on

Facebook.

-- Reported by Andrea Tse in New York

RELATED STORIES:

>> TITLE

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 This material may not be published, broadcast, rewritten, or redistributed.