Gold gained about 1% in Monday trading as investors shook off fears of a renewed global downturn. Improving sentiment was buoyed by optimism over Greek debt negotiations and the prospect of a political compromise regarding the U.S. fiscal cliff.
Gold futures for December delivery jumped to $1,732.10 on Monday, according to CME Group. Gold traded as high as $1,735.50 and as low as $1,713.40. Gold bullion closed in London at $1,734, according to BullionVault.
Silver futures for December delivery rose to $33.13 per ounce. Monday’s high for silver was $33.22, while the low was $32.29.
Gold and silver funds moved higher in Monday trading.
- The SPDR Gold Trust (NYSE:GLD) climbed 1.2%.
- The iShares Gold Trust (NYSE:IAU) rose 1.2%.
- The iShares Silver Trust (NYSE:SLV) jumped 2.7%.
Gold and silver mining ETFs advanced during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX) rose 2.8%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) soared 3.2%.
- The Global X Silver Miners ETF (NYSE:SIL) gained 3.2%.
Gold mining shares gained on Monday, with Agnico-Eagle Mines (NYSE:AEM) rising the most.
- Agnico-Eagle Mines surged 6.3%.
- Barrick Gold (NYSE:ABX) rose 1.7%.
- Eldorado Gold (NYSE:EGO) jumped 5.6%.
- Goldcorp (NYSE:GG) climbed 2.8%.
- Kinross Gold (NYSE:KGC) moved up 1.2%.
- Newmont Mining (NYSE:NEM) gained 1.5%.
- NovaGold Resources (NYSE:NG) edged up 0.5%.
- Yamana Gold (NYSE:AUY) advanced 1.4%.
Silver mining shares also rose on Monday.
- Coeur d’Alene Mines (NYSE:CDE) improved 3.7%.
- Hecla Mining (NYSE:HL) gained 5.1%.
- Pan American Silver (NASDAQ:PAAS) rose 2.8%.
- Silver Wheaton (NYSE:SLW) climbed 2.2%.
- Silver Standard Resources (NASDAQ:SSRI) surged 4.5%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.