NEW YORK (TheStreet) -- Spot gold prices were dropping Friday afternoon as traders squared books for the weekend, and as the market weighed in on Fed Chairman Ben Bernanke's vagueness in spelling out additional accommodative policies.
The dollar index in the meantime gained 0.6% to $76.98.
Kitco analyst Jon Nadler has been concerned about gold investors who are banking on additional accommodations by the Fed. "If this is what you're banking on, you're putting too many chips in one basket," Nadler told
Instead, investors should be focusing more on fundamentals and less so on the dollar, he said. Nadler pointed out that many key gold-watchers such as the GFMS and Natixis are warning of shoddy fundamentals in the gold market.
New York spot gold prices fell by $12.30, or 0.9%, to $1,368.90 an ounce Friday.
lost 31 cents, or 1.3%, to $24.32.
New York spot platinum prices were down by $21, or 1.2%, to $1,690 an ounce, while its sister metal slid.
More on Commodities
New York spot palladium prices were lower by $14, or 2.3%, to $588 an ounce.
A group of mining stocks and precious metals ETFs were mixed Friday afternoon. Mining stocks offer another form of exposure to precious metals.
was rising 0.3% to $48.14 in after-hours trading, while
was flat at $19.01.
was down 0.4% to $9.23.
was flat at $6.99.
SPDR Gold Trust
was also flat, at $133.68, and
ETFS Physical Palladium Shares
was 0.3% higher at $58.89.
-- Written by Andrea Tse in New York.
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