Continued bickering between congressional Republicans and the White House over negotiations to extend the debt ceiling, coupled with a distinct lack of any concrete deal, sent gold modestly higher in Monday trading. The Treasury has warned that the nation will hit its borrowing limit on Thursday.
Gold futures for December delivery rose 0.7% to $1,276.60 per ounce on Monday, according to CME Group. Gold traded as high as $1,291.60 and as low as $1,268.40. Bullion closed in London at $1,279, according to BullionVault.
Silver futures for December moved up 0.5% to $21.35 per ounce. Monday’s high for silver was $21.68, while the low was $21.10.
Metal funds mostly advanced in Monday trading.
- The SPDR Gold Shares (GLD) added 0.2%.
- The iShares Gold Trust (IAU) also increased 0.2%.
- The iShares Silver Trust (SLV) dipped 0.1%.
Mining ETFs mostly gained during the day.
- The Market Vectors Gold Miners ETF (GDX) rose 0.5%.
- The Market Vectors Junior Gold Miners ETF (GDXJ) fell 0.3%.
- The Global X Silver Miners ETF (SIL) moved up 0.5%.
Gold mining shares were mixed on Monday.
- Agnico-Eagle Mines (AEM) fell 1.2%.
- Barrick Gold (ABX) edged up 0.2%.
- Eldorado Gold (EGO) was flat.
- Goldcorp (GG) slipped 0.3%.
- Kinross Gold (KGC) sank 0.2%.
- Newmont Mining (NEM) gained 0.5%.
- NovaGold Resources (NG) climbed 1%.
- Yamana Gold (AUY) slid 0.5%.
Silver mining shares mostly moved higher during the day.
- Coeur d’Alene Mines (CDE) surged 4.6%.
- Hecla Mining (HL) added 2%.
- Pan American Silver (PAAS) rose 0.3%.
- Silver Wheaton (SLW) sank 0.4%.
- Silver Standard Resources (SSRI) gained 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.