Gold Climbs Amid Italy’s Election Uncertainty

Gold Silver GLD IAU SLVGold 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.


Article printed from InvestorPlace Media, https://investorplace.com/2013/02/gold-climbs-amid-italian-election-uncertainty/.

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