Lingering in the back of gold's positive action were worries about the euro-zone's debt crisis, though those worries were abating with the help of liquidity moves by the European Central Bank. The U.S. dollar index was sliding by 0.7% to $80.19 as U.S. pending home sales rose in October and November same-store sales in the U.S. largely topped estimates, signaling inflationary forces ahead -- which is bullish for gold. On Thursday, Bloomberg reported that Goldman Sachs recommends a short dollar position against the Chinese yuan, with the view that the greenback will fall against the yuan next year because of trade imbalances.
NEW YORK (TheStreet) -- Spot gold prices were grounded in positive territory midday Thursday as the dollar continued to fall against a basket of major currencies and the economic picture brightened and helped lift stocks.
New York spot gold prices were rising by $1.80, or 0.1% to $1,388.40, according to Kitco's spot price index. Spot silver prices were ticking up 24 cents, or 0.8%, to $28.66.
Spot platinum prices were up by $24, or 1.4%, to $1,709 an ounce as its sister metal strengthened.
New York spot palladium prices were up $28, or 3.8%, to $760 an ounce.
Precious metal mining stocks -- which offer another form of exposure to precious metals -- were advancing Thursday. Freeport-McMoRan Copper & Gold ( FCX - Get Report) was up 2.1% to $107.67 and Silvercorp Metals ( SVM - Get Report) was higher by 2.7% to $13.04. North American Palladium ( PAL) was popping by 8% to $6.21 and Stillwater Mining ( SWC) was rising by 5.6% to $21.97. -- Written by Andrea Tse in New York. >To contact the writer of this article, click here: Andrea Tse. >To follow the writer on Twitter, go to Andrea Tse. >To submit a news tip, send an email to: email@example.com.