Spot Metal Prices: Strong Finish to the Day
NEW YORK (
) -- Gold prices ended the trading session higher after the dollar slipped against the Euro and boosted the appeal of the yellow metal for investors looking for safe haven investments against the waxing and waning of the currency markets.
Gold spot prices rose $15.60, or 1.4%, to $1,133.60 an ounce at the end of the trading day on the Comex division of the New York Mercantile Exchange. Spot gold prices began at $1123.30 an ounce Tuesday, almost hitting a six-week high.
In light of this, Kitco precious metals analyst Jon Nadler provides us with a glimpse of what to expect of gold prices in the coming days, quoting thoughts from
Standard Bank
analysts.
"
With the gold price rising in non-dollar terms, we expect physical demand to be lackluster. We
also expect risk appetite to decline ahead of U.S. non-farm payrolls data on Friday. This may further aid the dollar and therefore put pressure on gold. Selling into rallies remains our preferred strategy.
Platinum and palladium also firmed up as
Ford
(F) - Get Report
and
GM
reported higher February sales. This bullish news for the auto-industry lent support to the metals, both of which are found in vehicle parts.
Spot platinum ended Tuesday up $20, or 1.3%, at $1567 an ounce.
Meanwhile spot palladium finished the session up $6, or 1.4%, at $440 an ounce.
Industrial metal silver also rose on the spot market, up 53 cents, or 3.2%, to $16.99 an ounce.
Mining stocks finished the day higher.
Stillwater Mining Company
(SWC)
surged 9.4% to $12.60, while
Hecla Mining
(HL) - Get Report
rose 3.6% to $5.50.
Gold stocks like
Barrick Gold
,
(ABX)
Kinross Gold
(KGC) - Get Report
and
Goldcorp
(GG)
all rose above 2% to $39.50, $19 and $39.20 respectively.
Freeport McMoRan
(FCX) - Get Report
settled 2% higher at $78.
SPDR Gold Trust
(GLD) - Get Report
rose 1.5% to $111.
-- Reported by Andrea Tse in New York
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