Gold Jumps On Global Economic Concerns

by Christopher Freeburn | February 24, 2014 4:38 pm

Gold Silver GLD IAU SLV[1]Gold climbed sharply in Monday trading as investors contemplated additional evidence of a cooling economy in China and Ukraine’s appeal for Western aide.

The metal’s safe haven appeal was bolstered by data showing that new home prices in major Chinese cities rose less sharply year-over-year in January compared to December, the first monthly ease in the rise Chinese home prices in more than a year. In Eurasia, Ukraine’s interim government asked for urgent financial assistance to prevent an economic calamity. Over the weekend, Ukraine ousted the pro-Russian government of Viktor Yanukovich, potentially raising Moscow’s ire.

Gold futures for April delivery gained 1.1% to $1,338 per ounce on Monday, according to CME Group[2]. Gold traded as high as $1,339 and as low as $1,318.70. Bullion closed in London at $1,337, according to BullionVault[3].

Silver futures for March delivery increased 1.2% to $22.05 per ounce. Friday’s high for silver was $22.18, while the low was $21.52.

Metal funds improved on Monday.

Mining ETFs were mostly higher during the day.

Gold stocks mostly gained on Monday.

Silver mining shares mostly advanced during the day.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.

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