Spot Gold Prices Rise on Ireland Worries


NEW YORK (TheStreet) -- Spot-gold prices are heading higher Monday afternoon as investors seek safety amid much uncertainty over the EU's handle over debt contagion problems in the region.

Even as the EU and International Monetary Fund discussed the details of a rescue package for the embattled Irish financial sector and Ireland finalizes its 15-billion-euro austerity plan, investors are nervous about the tough road ahead in overhauling the nation's banking system and what this means for the other troubled EU countries.

New York spot gold prices were rising $10.60, or 0.8%, to $1,364.70 in Monday afternoon trading.

New York spot silver prices were adding 46 cents, or 1.7%, to $27.81.
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New York spot platinum prices were giving up $6, or 0.4%, to $1,658 an ounce as its sister metal lost ground.
New York spot palladium prices were surrendering $10, or 1.4%, to $691 an ounce.

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A handful of precious metals mining stocks and ETFs -- which offer another form of exposure to precious metals -- were largely in the positive territory towards the market close on Monday. Hecla Mining ( HL) was gaining 4.8% to $8.99, while Silver Wheaton ( SLW) was rising by 4.2% to $36.16. North American Palladium ( PAL) was increasing 2.5% to $5.82 and ETFS Physical Palladium Shares ( PALL) was falling by 1.4% to $69.03.

-- Written by Andrea Tse in New York.

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