NEW YORK (TheStreet) -- New York spot gold prices were bouncing back Wednesday in tandem with a rising euro.

Spot gold prices were rising $7.70, or about 0.7%, to $1,158.80 an ounce.

"A renewed rise in the euro this morning helped bullion prices recover after two days of profit-taking and indecisiveness," Kitco analyst Jon Nadler wrote in a report on Wednesday. "The gold bulls regained the upper hand."
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New York spot silver prices, meanwhile, were advancing 20 cents, or 1%, to $18.42 an ounce Wednesday afternoon.
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New York spot platinum prices were adding $12, or 0.7%, to $1,727 an ounce, while its sister metal, palladium, also gained traction.

New York spot palladium prices were up $17, or 3.2% to $544 an ounce. Palladium has been gaining ground ever since Anglo Platinum revealed Tuesday the possibility of a palladium shortage, with demand surpassing production for the greater part of the next decade.

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Mining stocks, which offer another form of exposure to precious metals, spiked by the handful Wednesday afternoon.

Stillwater Mining ( SC) stock shot higher by 7.8% to $16.40, while North American Palladium ( PAL) gained 8% to $4.90.

ETFS Physical Palladium Shares ( PALL - Get Report) popped 3.3% to $54.70, while Silver Wheaton ( SLW) edged up 1.7% to $17.50.

-- Reported by Andrea Tse in New York


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