The metal was also boosted by growing unrest in Egypt that could topple the elected government of Mohamed Morsi, possibly unleashing a military crackdown. Rising tensions in the Middle East typically increase gold’s appeal as a safe haven investment.
Gold futures for August delivery surged 2.6% to $1,255.70 per ounce on Monday, according to CME Group. Gold traded as high as $1,261.70 and as low as $1,224.10. Gold bullion closed in London at $1,255, according to BullionVault.
Silver futures for August delivery rose 0.6% to $19.57 per ounce. Monday’s high for silver was $19.84 while the low was $19.42.
Gold and silver funds mostly advanced in Monday trading.
- The SPDR Gold Trust (GLD) gained 1.7%.
- The iShares Gold Trust (IAU) increased 1.5%.
- The iShares Silver Trust (SLV) slipped 0.2%.
Gold and silver mining ETFs improved during the day.
- The Market Vectors Gold Miners ETF (GDX) added 1.6%.
- The Market Vectors Junior Gold Miners ETF (GDXJ) rose 1.8%.
- The Global X Silver Miners ETF (SIL) climbed 2.5%.
Gold mining shares mostly gained on Monday.
- Agnico-Eagle Mines (AEM) increased 3.2%.
- Barrick Gold (ABX) fell 3.2%.
- Eldorado Gold (EGO) climbed 1.6%.
- Goldcorp (GG) advanced 3.1%.
- Kinross Gold (KGC) was unchanged.
- Newmont Mining (NEM) edged up 0.8%.
- NovaGold Resources (NG) rose 3.8%.
- Yamana Gold (AUY) added 2.8%.
Silver mining shares mostly moved higher during the day.
- Coeur d’Alene Mines (CDE) dropped 4.4%.
- Hecla Mining (HL) added 1%.
- Pan American Silver (PAAS) grew 1.3%.
- Silver Wheaton (SLW) increased 2.5%.
- Silver Standard Resources (SSRI) gained 1.3%.
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.