Gold gained in Monday trading after the government reported weak U.S. consumer spending for March and a low reading on inflation. The reports convinced investors that the Federal Reserve would continue its current economic stimulus policies for the immediate future.
Gold futures for June delivery climbed 0.9% to $1,467.40 per ounce on Monday, according to CME Group. Gold traded as high as $1,478.30 and as low as $1,461.6. Gold bullion closed in London at $1,474, according to BullionVault.
Silver futures for June delivery rose 1.6% to $24.15 per ounce. Monday’s high for silver was $24.39, while the low was $23.95.
Gold and silver funds advanced in Monday trading.
- The SPDR Gold Trust (NYSE:GLD) rose 1%.
- The iShares Gold Trust (NYSE:IAU) gained 0.9%.
- The iShares Silver Trust (NYSE:SLV) increased 1.9%.
Gold and silver mining ETFs moved higher during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX) climbed 1.5%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) improved 1.2%.
- The Global X Silver Miners ETF (NYSE:SIL) added 1.3%.
Gold mining shares were mixed on Monday.
- Agnico-Eagle Mines (NYSE:AEM) dipped 0.3%.
- Barrick Gold (NYSE:ABX) surged 3.9%.
- Eldorado Gold (NYSE:EGO) gained 1.8%.
- Goldcorp (NYSE:GG) was flat.
- Kinross Gold (NYSE:KGC) sank 0.9%.
- Newmont Mining (NYSE:NEM) rose 1.5%.
- NovaGold Resources (AMEX:NG) was unchanged.
- Yamana Gold (NYSE:AUY) fell 0.6%.
Silver mining shares moved higher.
- Coeur d’Alene Mines (NYSE:CDE) added 1.2%.
- Hecla Mining (NYSE:HL) grew 0.9%.
- Pan American Silver (NASDAQ:PAAS) inched up 0.4%.
- Silver Wheaton (NYSE:SLW) improved 1.7%.
- Silver Standard Resources (NASDAQ:SSRI) gained 0.6%.
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.