Spot Gold Prices Dip on Hazy Fed Tone

Spot gold prices were lower Friday on weekend book-squaring.
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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

TheStreet

.

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.

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New York

spot silver prices

lost 31 cents, or 1.3%, to $24.32.

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New York spot platinum prices were down by $21, or 1.2%, to $1,690 an ounce, while its sister metal slid.

New York spot palladium prices were lower by $14, or 2.3%, to $588 an ounce.

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A group of mining stocks and precious metals ETFs were mixed Friday afternoon. Mining stocks offer another form of exposure to precious metals.

Barrick Gold

(ABX)

was rising 0.3% to $48.14 in after-hours trading, while

Kinross Gold

(KGC) - Get Report

was flat at $19.01.

Silvercorp Metals

(SVM) - Get Report

was down 0.4% to $9.23.

Hecla Mining

(HL) - Get Report

was flat at $6.99.

SPDR Gold Trust

(GLD) - Get Report

was also flat, at $133.68, and

ETFS Physical Palladium Shares

(PALL) - Get Report

was 0.3% higher at $58.89.

-- Written by Andrea Tse in New York.

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