Gold Moves Higher on Euro Zone Worries

by Christopher Freeburn | July 15, 2013 4:44 pm

Gold Silver GLD IAU SLV[1]Gold gained modestly in Monday trading on rising investor concerns about Europe.

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[2]. 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[3].

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.

Gold and silver mining ETFs were mixed during the day.

Gold mining shares mostly advanced on Monday.

Silver mining shares mostly improved during the day.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.

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