Gold gained modestly in Monday trading, hitting a level not seen in three weeks as escalating clashes between government and pro-Russian mobs in Eastern Ukraine renewed fears of Russian intervention and deeper U.S. and European sanctions against Russia.
Hecla Mining (HL) notably outperformed other silver miners during the session, gaining more than 3%.
Gold futures for June delivery added 0.6% to $1,327.50 per ounce on Monday, according to CME Group. Gold prices were as high as $1,331.40 and as low as $1,318.70. Bullion closed in London at $1,327, according to BullionVault.
Silver futures for May delivery inched up 0.3% to settle at $20.01 per ounce. Monday’s high for silver was $20.14, while the low was $19.70.
Metal funds gained on Monday.
- The SPDR Gold Shares (GLD) increased 0.7%.
- The iShares Gold Trust (IAU) rose 0.8%.
- The iShares Silver Trust (SLV) moved up 0.1%.
Mining ETFs advanced during the day.
- The Market Vectors Gold Miners ETF (GDX) added 1.2%.
- The Market Vectors Junior Gold Miners ETF (GDXJ) climbed 1.3%.
- The Global X Silver Miners ETF (SIL) rose 1.6%.
Gold stocks mostly improved on Monday.
- Agnico-Eagle Mines (AEM) gained 1.9%.
- Barrick Gold (ABX) added 1.1%.
- Eldorado Gold (EGO) increased 2.5%.
- Goldcorp (GG) rose 0.9%.
- Kinross Gold (KGC) fell 1%.
- Newmont Mining (NEM) climbed 0.7%.
- NovaGold Resources (NG) moved up 0.6%.
- Yamana Gold (AUY) added 0.5%.
Silver mining shares mostly moved higher during the day.
- Coeur d’Alene Mines (CDE) was flat.
- Hecla Mining surged 3.5%.
- Pan American Silver (PAAS) rose 1.8%.
- Silver Wheaton (SLW) gained 1.4%.
- Silver Standard Resources (SSRI) increased 1.6%.
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.