by Christopher Freeburn | April 1, 2013 4:37 pm
Gold climbed modestly in Monday trading amid rising tensions on the Korean Peninsula and after a weak report on U.S. manufacturing.
Bellicose statements by North Korea’s leadership boosted gold’s appeal as a safe haven, even though actual conflict remained unlikely. At home, the Institute of Supply Management said that activity at U.S. factories cooled — though still expanded — last month.
Gold futures for May delivery rose 0.3% to $1,600.40 per ounce on Monday, according to CME Group. Gold traded as high as $1,601 and as low as $1,594.70. Gold bullion closed in London at $1,600, according to BullionVault.
Silver futures for May delivery fell 1.3% to $27.94 per ounce. Monday’s high for silver was $28.36, while the low was $27.81.
Gold and silver funds were mixed in Monday trading.
Gold and silver mining ETFs pulled back strongly during the day.
Gold mining shares broadly fell on Monday.
Silver mining shares moved lower during the day.
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.
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