On Friday, Fitch Ratings downgraded France’s credit rating. The continent’s continued weak economic performance, recent political turbulence in Portugal and falling public support for French President Francois Hollande’s government stoked speculation that a new euro zone crisis could ignite at any moment.
Gold futures for August delivery rose 0.5% to $1,283.50 per ounce Monday, according to CME Group. Gold traded as high as $1,293.60 and as low as $1,272.50. Gold bullion closed in London at $1,287, according to BullionVault.
Silver futures for August delivery also inched up 0.2% to $19.83 per ounce. Monday’s high for silver was $20.11, while the low was $19.68.
Gold and silver funds were mostly flat in Monday trading.
- The SPDR Gold Trust (GLD) was flat.
- The iShares Gold Trust (IAU) was unchanged.
- The iShares Silver Trust (SLV) rose 0.4%.
Gold and silver mining ETFs were mixed during the day.
- The Market Vectors Gold Miners ETF (GDX) slipped 0.2%.
- The Market Vectors Junior Gold Miners ETF (GDXJ) fell 1%.
- The Global X Silver Miners ETF (SIL) rose 0.3%.
Gold mining shares mostly advanced on Monday.
- Agnico-Eagle Mines (AEM) dipped 0.4%.
- Barrick Gold (ABX) rose 0.8%.
- Eldorado Gold (EGO) gained 0.2%.
- Goldcorp (GG) increased 0.2%.
- Kinross Gold (KGC) slid 1%.
- Newmont Mining (NEM) improved 0.5%.
- NovaGold Resources (NG) surged 6.9%.
- Yamana Gold (AUY) added 0.3%.
Silver mining shares mostly improved during the day.
- Coeur d’Alene Mines (CDE) climbed 1.5%.
- Hecla Mining (HL) was unchanged.
- Pan American Silver (PAAS) gained 0.4%.
- Silver Wheaton (SLW) rose 0.5%.
- Silver Standard Resources (SSRI) sank 0.7%.
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.