Gold rose in Monday trading as early returns from the Italian elections indicated the possibility of a deadlocked parliament, potentially endangering economic austerity programs.

The uncertain outcome fueled fears of a renewed debt crisis in the eurozone, sending equities tumbling as investors fled back to gold.

Gold futures for March delivery gained 0.9% to $1,586.10 per ounce on Monday, according to CME Group. Gold traded as high as $1,592.60 and as low as $1,574.60. Gold bullion closed in London at $1,597, according to BullionVault.

Silver futures for March delivery also rose 1.8% to $28.99 per ounce. Monday’s high for silver was $29.22, while the low was $28.54.

Gold and silver funds rose in Monday trading.

• The SPDR Gold Trust (NYSE:GLD) gained 0.9%.
• The iShares Gold Trust (NYSE:IAU) advanced 1%.
• The iShares Silver Trust (NYSE:SLV) increased 0.9%.

Gold and silver mining ETFs also rose during the day.

• The Market Vectors Gold Miners ETF (NYSE:GDX) rose 1.6%.
• The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) surged 2.4%.
• The Global X Silver Miners ETF (NYSE:SIL) moved up 0.8%.

Gold mining shares increased on Monday.

• Agnico-Eagle Mines (NYSE:AEM) rose 1.5%.
• Barrick Gold (NYSE:ABX) rose 1.6%.
• Eldorado Gold (NYSE:EGO) soared 5.5%.
• Goldcorp (NYSE:GG) edged up 0.7%.
• Kinross Gold (NYSE:KGC) advanced 1.7%.
• Newmont Mining (NYSE:NEM) ticked up 0.3%.
• NovaGold Resources (AMEX:NG) climbed 0.5%.
• Yamana Gold (NYSE:AUY) surged 2.4%.

Silver mining shares also mostly moved higher.

• Coeur d’Alene Mines (NYSE:CDE) slipped 0.1%.
• Hecla Mining (NYSE:HL) gained 0.6%.
• Pan American Silver (NASDAQ:PAAS) climbed 4%.
• Silver Wheaton (NYSE:SLW) improved 0.7%.
• Silver Standard Resources (NASDAQ:SSRI) rose 1%.

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.