NEW YORK (TheStreet) -- New York spot gold prices were trading sideways Friday afternoon in advance of the long weekend holiday in the U.S.

Spot gold prices were holding at $1,213 an ounce.

Some investors, according to market watchers, were trading in their precious-metal positions for cash ahead of the Memorial Day weekend.
Most Recent Quotes from www.kitco.com

New York spot silver prices were falling by 15 cents, or 0.8%, to $18.36 an ounce.
Most Recent Quotes from www.kitco.com

New York spot platinum prices, meanwhile, were decreasing $16, or 1%, to $1547 an ounce, while its sister metal was also losing traction.


New York spot palladium prices were down $2, or 0.4%, to $461 an ounce.

Most Recent Quotes from www.kitco.com

Mining stocks and metals ETFs were heading lower Friday afternoon. Mining stocks offer another form of exposure to precious metals.

North American Palladium ( PAL) was at $3.44, down 2.3%, while ETFS Physical Palladium Shares ( PALL - Get Report) were falling 0.2% to $46.23.

Stillwater Mining ( SWC) was decreasing 3.9% to $13.18 and Silver Wheaton ( SLW) was falling 1.6% to $18.86 .

RELATED STORIES:




-- Reported by Andrea Tse in New York

Copyright 2010 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.