Spot Metals Extend Gains

Spot gold rose $5.90, or 0.5% to settle at $1140.40 an ounce on the Comex division of the New York Mercantile Exchange Wednesday, bolstered by a weaker dollar.
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NEW YORK (

TheStreet

) -- Spot gold rose $5.90, or 0.5% to settle at $1140.40 an ounce on the Comex division of the New York Mercantile Exchange Wednesday, bolstered by a weaker dollar.

The U.S. dollar fell against the euro Wednesday, as the latter currency rose on news that Greece's government has unveiled plans to fight the fires of its massive budget deficit.

GOLD: "The yellow metal -- according to technical analysts at

Commerzbank

-- might rise towards the $1,150 to $1,162 level if it manages sustained closings above previous resistance at $1,135.50 an ounce," Kitco's Jon Nadler noted.

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PLATINUM: Spot platinum prices last traded at $1,577 an ounce, which is 0.6%, or $10, above Tuesday's settlement.

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PALLADIUM; Its sister metal also made gains. Spot palladium prices were up 1.6%, or $7, to end the day at $447 an ounce.

Given that both metals are used in auto-manufacturing, they've extended gains made in the previous day after an uplifting day of positive February auto-sales news.

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SILVER: Silver, also an industrial metal, was last trading at $17.20 an ounce, which is 1.5%, or 26 cents, above the previous day's close.

"Although silver's long-term fundamentals point to a life of underperformance versus gold, the metal might well outperform in the short-term," analysts at Roubini Global Economics say, as cited by Nadler.

In the mining universe,

Goldcorp

(GG)

stock added 2.1% at $40.10 and

Barrick Gold

(ABX)

rose 1.7% to $40.10.

Freeport McMoRan

(FCX) - Get Report

edged up 1.6% to $79.20, while

North American Palladium

(PAL)

also advanced, ending the trading day in positive territory at $4.20, up 1.7%.

Silvercorp Metals

(SVM) - Get Report

was a tad lower on the day, down 0.3% to $6.70.

-- Reported by Andrea Tse in New York

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