Gold gained about 1% in Monday trading as investors shook off fears of a renewed global downturn. Improving sentiment was buoyed by optimism over Greek debt negotiations and the prospect of a political compromise regarding the U.S. fiscal cliff.

Gold futures for December delivery jumped to $1,732.10 on Monday, according to CME Group. Gold traded as high as $1,735.50 and as low as $1,713.40. Gold bullion closed in London at $1,734, according to BullionVault.

Silver futures for December delivery rose to $33.13 per ounce. Monday’s high for silver was $33.22, while the low was $32.29.

Gold and silver funds moved higher in Monday trading.

• The SPDR Gold Trust (NYSE:GLD) climbed 1.2%.
• The iShares Gold Trust (NYSE:IAU) rose 1.2%.
• The iShares Silver Trust (NYSE:SLV) jumped 2.7%.

Gold and silver mining ETFs advanced during the day.

• The Market Vectors Gold Miners ETF (NYSE:GDX) rose 2.8%.
• The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) soared 3.2%.
• The Global X Silver Miners ETF (NYSE:SIL) gained 3.2%.

Gold mining shares gained on Monday, with Agnico-Eagle Mines (NYSE:AEM) rising the most.

• Agnico-Eagle Mines surged 6.3%.
• Barrick Gold (NYSE:ABX) rose 1.7%.
• Eldorado Gold (NYSE:EGO) jumped 5.6%.
• Goldcorp (NYSE:GG) climbed 2.8%.
• Kinross Gold (NYSE:KGC) moved up 1.2%.
• Newmont Mining (NYSE:NEM) gained 1.5%.
• NovaGold Resources (NYSE:NG) edged up 0.5%.
• Yamana Gold (NYSE:AUY) advanced 1.4%.

Silver mining shares also rose on Monday.

• Coeur d’Alene Mines (NYSE:CDE) improved 3.7%.
• Hecla Mining (NYSE:HL) gained 5.1%.
• Pan American Silver (NASDAQ:PAAS) rose 2.8%.
• Silver Wheaton (NYSE:SLW) climbed 2.2%.
• Silver Standard Resources (NASDAQ:SSRI) surged 4.5%.

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.