The metal’s safe haven appeal was bolstered by data showing that new home prices in major Chinese cities rose less sharply year-over-year in January compared to December, the first monthly ease in the rise Chinese home prices in more than a year. In Eurasia, Ukraine’s interim government asked for urgent financial assistance to prevent an economic calamity. Over the weekend, Ukraine ousted the pro-Russian government of Viktor Yanukovich, potentially raising Moscow’s ire.
Gold futures for April delivery gained 1.1% to $1,338 per ounce on Monday, according to CME Group. Gold traded as high as $1,339 and as low as $1,318.70. Bullion closed in London at $1,337, according to BullionVault.
Silver futures for March delivery increased 1.2% to $22.05 per ounce. Friday’s high for silver was $22.18, while the low was $21.52.
Metal funds improved on Monday.
- The SPDR Gold Shares (GLD) rose 1.1%.
- The iShares Gold Trust (IAU) added 1%.
- The iShares Silver Trust (SLV) moved up 1%.
Mining ETFs were mostly higher during the day.
- The Market Vectors Gold Miners ETF (GDX) added 0.6%.
- The Market Vectors Junior Gold Miners ETF (GDXJ) climbed 2%.
- The Global X Silver Miners ETF (SIL) slipped 0.2%.
Gold stocks mostly gained on Monday.
- Agnico-Eagle Mines (AEM) inched up 0.1%.
- Barrick Gold (ABX) rose 1.3%.
- Eldorado Gold (EGO) fell 2%.
- Goldcorp (GG) edged up 0.1%.
- Kinross Gold (KGC) added 0.6%.
- Newmont Mining (NEM) climbed 1.2%.
- NovaGold Resources (NG) increased 1.4%.
- Yamana Gold (AUY) sank 0.6%.
Silver mining shares mostly advanced during the day.
- Coeur d’Alene Mines (CDE) dipped 0.1%.
- Hecla Mining (HL) slid 0.8%.
- Pan American Silver (PAAS) increased 0.6%.
- Silver Wheaton (SLW) was flat.
- Silver Standard Resources (SSRI) climbed 2.6%.
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.