Gold Climbs Amid Italy’s Election Uncertainty
by Christopher Freeburn | February 25, 2013 5:04 pm
[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.
- The SPDR Gold Trust (NYSE:GLD[4]) gained 0.9%.
- The iShares Gold Trust (NYSE:IAU[5]) advanced 1%.
- The iShares Silver Trust (NYSE:SLV[6]) increased 0.9%.
Gold and silver mining ETFs also rose during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) rose 1.6%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) surged 2.4%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) moved up 0.8%.
Gold mining shares increased on Monday.
- Agnico-Eagle Mines (NYSE:AEM[10]) rose 1.5%.
- Barrick Gold (NYSE:ABX[11]) rose 1.6%.
- Eldorado Gold (NYSE:EGO[12]) soared 5.5%.
- Goldcorp (NYSE:GG[13]) edged up 0.7%.
- Kinross Gold (NYSE:KGC[14]) advanced 1.7%.
- Newmont Mining (NYSE:NEM[15]) ticked up 0.3%.
- NovaGold Resources (AMEX:NG[16]) climbed 0.5%.
- Yamana Gold (NYSE:AUY[17]) surged 2.4%.
Silver mining shares also mostly moved higher.
- Coeur d’Alene Mines (NYSE:CDE[18]) slipped 0.1%.
- Hecla Mining (NYSE:HL[19]) gained 0.6%.
- Pan American Silver (NASDAQ:PAAS[20]) climbed 4%.
- Silver Wheaton (NYSE:SLW[21]) improved 0.7%.
- Silver Standard Resources (NASDAQ:SSRI[22]) rose 1%.
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.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- CME Group: https://investorplace.com/2013/01/weak-jobs-report-lessens-gold-slide/www.cmegroup.com
- BullionVault: https://investorplace.com/2013/01/weak-jobs-report-lessens-gold-slide/www.bullionvault.com
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- BullionVault: http://www.bullionvault.com/
Source URL: https://investorplace.com/2013/02/gold-climbs-amid-italian-election-uncertainty/