Gold and Silver Report: Gold Moves to 3-Week High, Hecla Mining Climbs

Gold gained modestly in Monday trading, hitting a level not seen in three weeks as escalating clashes between government and pro-Russian mobs in Eastern Ukraine renewed fears of Russian intervention and deeper U.S. and European sanctions against Russia.

gold-and-silver-hecla-miningHecla Mining (HL) notably outperformed other silver miners during the session, gaining more than 3%.

Gold futures for June delivery added 0.6% to $1,327.50 per ounce on Monday, according to CME Group. Gold prices were as high as $1,331.40 and as low as $1,318.70. Bullion closed in London at $1,327, according to BullionVault.

Silver futures for May delivery inched up 0.3% to settle at $20.01 per ounce. Monday’s high for silver was $20.14, while the low was $19.70.

Metal funds gained on Monday.

  • The SPDR Gold Shares (GLD) increased 0.7%.
  • The iShares Gold Trust (IAU) rose 0.8%.
  • The iShares Silver Trust (SLV) moved up 0.1%.

Mining ETFs advanced during the day.

  • The Market Vectors Gold Miners ETF (GDX) added 1.2%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) climbed 1.3%.
  • The Global X Silver Miners ETF (SIL) rose 1.6%.

Gold stocks mostly improved on Monday.

  • Agnico-Eagle Mines (AEM) gained 1.9%.
  • Barrick Gold (ABX) added 1.1%.
  • Eldorado Gold (EGO) increased 2.5%.
  • Goldcorp (GG) rose 0.9%.
  • Kinross Gold (KGC) fell 1%.
  • Newmont Mining (NEM) climbed 0.7%.
  • NovaGold Resources (NG) moved up 0.6%.
  • Yamana Gold (AUY) added 0.5%.

Silver mining shares mostly moved higher during the day.

  • Coeur d’Alene Mines (CDE) was flat.
  • Hecla Mining surged 3.5%.
  • Pan American Silver (PAAS) rose 1.8%.
  • Silver Wheaton (SLW) gained 1.4%.
  • Silver Standard Resources (SSRI) increased 1.6%.

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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