Gold Climbs Amid Italy’s Election Uncertainty

Gold and silver futures head higher; miners mostly mimic

   

Gold Climbs Amid Italy’s Election Uncertainty

PreciousMetalsRecap Gold Climbs Amid Italys Election UncertaintyGold rose in Monday trading as early returns from the Italian elections indicated the possibility of a deadlocked parliament, potentially endangering economic austerity programs.

The uncertain outcome fueled fears of a renewed debt crisis in the eurozone, sending equities tumbling as investors fled back to gold.

11103054 gold bullion 200x200 Gold Climbs Amid Italys Election Uncertainty
Don’t Expect Gold to Hold

Gold futures for March delivery gained 0.9% to $1,586.10 per ounce on Monday, according to CME Group. Gold traded as high as $1,592.60 and as low as $1,574.60. Gold bullion closed in London at $1,597, according to BullionVault.

Silver futures for March delivery also rose 1.8% to $28.99 per ounce. Monday’s high for silver was $29.22, while the low was $28.54.

Gold and silver funds rose in Monday trading.

  • The SPDR Gold Trust (NYSE:GLD) gained 0.9%.
  • The iShares Gold Trust (NYSE:IAU) advanced 1%.
  • The iShares Silver Trust (NYSE:SLV) increased 0.9%.

Gold and silver mining ETFs also rose during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) rose 1.6%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) surged 2.4%.
  • The Global X Silver Miners ETF (NYSE:SIL) moved up 0.8%.

Gold mining shares increased on Monday.

  • Agnico-Eagle Mines (NYSE:AEM) rose 1.5%.
  • Barrick Gold (NYSE:ABX) rose 1.6%.
  • Eldorado Gold (NYSE:EGO) soared 5.5%.
  • Goldcorp (NYSE:GG) edged up 0.7%.
  • Kinross Gold (NYSE:KGC) advanced 1.7%.
  • Newmont Mining (NYSE:NEM) ticked up 0.3%.
  • NovaGold Resources (AMEX:NG) climbed 0.5%.
  • Yamana Gold (NYSE:AUY) surged 2.4%.

Silver mining shares also mostly moved higher.

  • Coeur d’Alene Mines (NYSE:CDE) slipped 0.1%.
  • Hecla Mining (NYSE:HL) gained 0.6%.
  • Pan American Silver (NASDAQ:PAAS) climbed 4%.
  • Silver Wheaton (NYSE:SLW) improved 0.7%.
  • Silver Standard Resources (NASDAQ:SSRI) rose 1%.

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.


Article printed from InvestorPlace Media, http://investorplace.com/2013/02/gold-climbs-amid-italian-election-uncertainty/.

©2014 InvestorPlace Media, LLC

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