Spot gold was 0.05% higher as of 11:15 a.m., bid at $1,619.10. The morning high reached $1,623.60, while prices reached as low as $1,610.50, according to Kitco market data. The London afternoon reference price of $1,606 from this past Friday remains in effect as London markets celebrate Queen Elizabeth II’s Diamond Jubilee.

Spot silver was showing a gain of 0.81%, bid at $28.49 an ounce. The morning high as of time of writing was $28.64, with the low reaching $28.19. Friday’s price fix of $27.38 continues to serve as the current reference price.

Spain’s budget minister, Cristobal Montoro, is urging EU leaders to act faster to aid the eurozone country prop up its ailing banks. The budget minister’s call came as G7 leaders are to hold an emergency video conference today to address the eurozone’s spiraling debt crisis.

Montoro also stated that Spain has effectively been shut out of the global bond market even as it’s due to conduct a scheduled auction of up to €2 billion ($2.5 billion) in medium- and long-term bonds Thursday.

Gold staged an impressive 3.85% rally — the biggest in three years — in New York trading on Friday, showing signs of regaining its safe-haven status, notes Dublin’s GoldCore. Gold in euros looks like it’s priming to challenge the record-high €1,375/ounce, according to GoldCore’s June 5 market update.

Demand for physical demand continues to be unexpectedly strong, particularly in China and the Middle East. Some 62% more gold was shipped from Hong Kong to mainland China in April, while Iran imported “a massive $1.2 billion worth of precious metals from Turkey in April alone,” GoldCore notes. That’s up from a mere $7,500 from a year ago April.

Gold trusts were lower, but the iShares Silver Trust was showing gains thus far Tuesday morning.

The SPDR Gold Trust (NYSE:GLD) was showing losses of around 0.16%.
The iShares Gold Trust (NYSE:IAU) was down around 0.15%.
The iShares Silver Trust (NYSE:SLV) was up some 0.55%.

The Market Vectors Junior Gold Miners and Global X Silver Miners ETF were higher, with the major Market Vectors Gold Miners ETF lower.

The Market Vectors Gold Miners ETF (NYSE:GDX) was around 0.13% lower.
The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) was up around 2.3%.
The Global X Silver Miners ETF (NYSE:SIL) was up around 0.65%.

Gold mining shares were mixed, with NovaGold Resources paving the way higher.

Agnico-Eagle Mines (NYSE:AEM) was down around 0.4%.
Barrick Gold (NYSE:ABX) was around 0.7% lower.
Eldorado Gold (NYSE:EGO) was down around 0.3%.
Goldcorp (NYSE:GG) was up some 0.5%.
Kinross Gold Corp. USA (NYSE:KGC) was up more than 1%.
Newmont Mining (NYSE:NEM) was showing losses of around 0.25%.
NovaGold Resources (NYSEAMEX:NG) was up more than 3.1%.
Yamana Gold (USA) (NYSE:AUY) was nearly 0.7% higher.

Silver mining shares were mostly higher.

Coeur d’Alene Mines (NYSE:CDE) was up around 0.5%.
Hecla Mining (NYSE:HL) was down nearly 0.7%.
Pan American Silver (NASDAQ:PAAS) was unchanged to slightly higher.
Silver Wheaton (NYSE:SLW) was around 1% higher.
Silver Standard Resources (NASDAQ:SSRI) was some 0.75% higher.

As of this writing, Andrew Burger did not hold a position in any of the aforementioned securities.