Gold Inches Up on Rising Ukraine Confrontation

Silver dipped and mining stocks mostly faded

   

Gold Inches Up on Rising Ukraine Confrontation

PreciousMetalsRecap Gold Inches Up on Rising Ukraine ConfrontationThe growing divide between Russia and Western nations over the fate of Ukraine’s Crimea region sent gold higher in Monday trading. Russia hardened its stance in favor of Crimea’s session from Ukraine over the weekend, brushing off threatened U.S. and European sanctions. Pro- and anti-Russian demonstrators have faced off in Eastern Ukraine in recent days, adding to already elevated tensions.

Gold futures for April delivery rose 0.2% to $1,341.50 per ounce on Monday, according to CME Group. Gold traded as high as $1,344.90 and as low as $1,327.50. Bullion closed in London at $1,339, according to BullionVault.

gold bars Gold Inches Up on Rising Ukraine Confrontation
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Silver futures for May delivery slipped nearly 2 cents to $20.91 per ounce. Monday’s high for silver was $21.06, while the low was $20.616.

Metal funds were mixed on Monday.

  • The SPDR Gold Shares (GLD) was flat.
  • The iShares Gold Trust (IAU) added 0.1%.
  • The iShares Silver Trust (SLV) fell 0.4%.

Mining ETFs declined during the day.

  • The Market Vectors Gold Miners ETF (GDX) slid 0.8%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) dropped 2.6%.
  • The Global X Silver Miners ETF (SIL) faded 1.4%.

Gold stocks mostly sank on Monday.

  • Agnico-Eagle Mines (AEM) dipped 0.4%.
  • Barrick Gold (ABX) fell 0.8%.
  • Eldorado Gold (EGO) gained 0.4%.
  • Goldcorp (GG) declined 1.3%.
  • Kinross Gold (KGC) rose 0.6%.
  • Newmont Mining (NEM) dropped 1.2%.
  • NovaGold Resources (NG) climbed 1.7%.
  • Yamana Gold (AUY) slipped 0.7%.

Silver mining shares mostly retreated during the day.

  • Coeur d’Alene Mines (CDE) tumbled 3.4%.
  • Hecla Mining (HL) slid 2%.
  • Pan American Silver (PAAS) fell 0.3%.
  • Silver Wheaton (SLW) edged up 0.1%.
  • Silver Standard Resources (SSRI) dropped 1.7%.

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.


Article printed from InvestorPlace Media, http://investorplace.com/2014/03/gold-inches-rising-ukraine-confrontation/.

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