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Gold Posts Third Straight Gain on Italian Downgrade

Gold inched up, silver slid, and miners were mostly lower


Gold Silver GLD IAU SLVGold rose modestly in Monday trading following last week’s trimming of Italy’s credit rating by Fitch Ratings. The downgrade renewed fears that Europe could slide back into economic turmoil. The metal rose for a third consecutive session as U.S. equities hit new record highs.

Gold futures for April delivery edged up slightly to $1,578 per ounce on Monday, according to CME Group. Gold traded as high as $1,582.50 and as low as $1,574.50. Gold bullion closed in London at $1,582, according to BullionVault.

The Secular Winds Be a-Shiftin’ for Gold
The Secular Winds Be a-Shiftin’ for Gold

Silver futures for April delivery dipped 0.3% to $28.83 per ounce. Monday’s high for silver was $29.01, while the low was $28.74.

Gold and silver funds moved up in Monday trading.

  • The SPDR Gold Trust (NYSE:GLD) rose 0.2%.
  • The iShares Gold Trust (NYSE:IAU) climbed 0.3%.
  • The iShares Silver Trust (NYSE:SLV) edged up 0.1%.

Gold and silver mining ETFs were mixed during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) fell 0.4%
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) gained 1.1%.
  • The Global X Silver Miners ETF (NYSE:SIL) dipped 0.1%.

Several individual gold mining shares mostly fell on Monday.

  • Agnico-Eagle Mines (NYSE:AEM) declined 0.7%.
  • Barrick Gold (NYSE:ABX) slid 0.1%.
  • Eldorado Gold (NYSE:EGO) dropped 1.9%.
  • Goldcorp (NYSE:GG) slid 0.8%.
  • Kinross Gold (NYSE:KGC) fell 2%.
  • Newmont Mining (NYSE:NEM) increased 0.2%.
  • NovaGold Resources (AMEX:NG) rose 0.3%.
  • Yamana Gold (NYSE:AUY) slipped 0.4%.

Silver mining shares also mostly retreated.

  • Coeur d’Alene Mines (NYSE:CDE) sank 0.4%.
  • Hecla Mining (NYSE:HL) climbed 0.9%.
  • Pan American Silver (NASDAQ:PAAS) dipped 0.1%.
  • Silver Wheaton (NYSE:SLW) slumped 2.1%.
  • Silver Standard Resources (NASDAQ:SSRI) fell 0.3%.

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,

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