After seven straight session losses, Gold reversed course on Monday posting a strong gain. The precious metal’s fortunes improved as equities slipped and the U.S. dollar declined against other currencies.
Gold futures for June delivery jumped 1.4% to $1,384.10 per ounce on Monday, according to CME Group. Gold traded as high as $1,397.90 and as low as $1,336.30. Gold bullion closed in London at $1,400, according to BullionVault.
Silver futures for June delivery gained 1% to $22.57 per ounce. Monday’s high for silver was $23.09 while the low was $20.24.
Gold and silver funds advanced in Monday trading.
- The SPDR Gold Trust (GLD) rose 3.1%.
- The iShares Gold Trust (IAU) added 3%.
- The iShares Silver Trust (SLV) improved 4%.
Gold and silver mining ETFs gained strongly during the day.
- The Market Vectors Gold Miners ETF (GDX) surged 6.3%.
- The Market Vectors Junior Gold Miners ETF (GDXJ) soared 7.7%.
- The Global X Silver Miners ETF (SIL) moved up 4.9%.
Gold mining shares shot up on Monday.
- Agnico-Eagle Mines (AEM) climbed 6.5%.
- Barrick Gold (ABX) jumped 7.3%.
- Eldorado Gold (EGO) soared 9.8%.
- Goldcorp (GG) advanced 5.7%.
- Kinross Gold (KGC) increased 7.8%.
- Newmont Mining (NEM) improved 5.4%.
- NovaGold Resources (NG) added 4.7%.
- Yamana Gold (AUY) rose 7.1%.
Silver mining shares advanced during the day.
- Coeur d’Alene Mines (CDE) added 7.5%.
- Hecla Mining (HL) rose 6.3%.
- Pan American Silver (PAAS) gained 10.2%.
- Silver Wheaton (SLW) rose 6.5%.
- Silver Standard Resources (SSRI) jumped 10%.
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.