Gold Climbs Amid Italy’s Election Uncertainty

by Christopher Freeburn | February 25, 2013 5:04 pm

Gold Silver GLD IAU SLV[1]Gold 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.

Gold futures for March delivery gained 0.9% to $1,586.10 per ounce on Monday, according to CME Group[2]. 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[3].

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.

Gold and silver mining ETFs also rose during the day.

Gold mining shares increased on Monday.

Silver mining shares also mostly moved higher.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.

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