Gold rose strongly in Monday trading after news of a European plan to confiscate a portion of all private bank accounts in Cyprus raised new fears about the stability of the euro zone and the reach of debt-ridden governments. A
s part of a $13 billion bailout of the Mediterranean island’s banks, the euro zone demanded that up to 10% of depositors’ funds be seized, prompting account holders-to swarm ATMs in a desperate bid to withdraw funds.
Gold futures for April delivery climbed 0.8% to $1,604.60 per ounce on Monday, according to CME Group. Gold traded as high as $1,610.40 and as low as $1,589.60. Gold bullion closed in London at $1,607, according to BullionVault.
Silver futures for April delivery edged up 0.1% to $28.85 per ounce. Monday’s high for silver was $29.07, while the low was $28.66.
Gold and silver funds moved higher in Monday trading.
- The SPDR Gold Trust (NYSE:GLD) rose 0.9%.
- The iShares Gold Trust (NYSE:IAU) advanced 0.8%.
- The iShares Silver Trust (NYSE:SLV) grew 0.5%.
Gold and silver mining ETFs mostly gained during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX) increased 0.3%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) rose 0.6%.
- The Global X Silver Miners ETF (NYSE:SIL) dipped 0.1%.
Gold mining shares moved up on Monday.
- Agnico-Eagle Mines (NYSE:AEM) rose 0.4%.
- Barrick Gold (NYSE:ABX) added 0.8%
- Eldorado Gold (NYSE:EGO) increased 1.6%.
- Goldcorp (NYSE:GG) inched up 0.2%.
- Kinross Gold (NYSE:KGC) grew 0.9%.
- Newmont Mining (NYSE:NEM) also climbed 0.9%.
- NovaGold Resources (AMEX:NG) gained 0.3%.
- Yamana Gold (NYSE:AUY) advanced 1.2%.
Silver mining shares also were mostly higher.
- Coeur d’Alene Mines (NYSE:CDE) fell 0.6%.
- Hecla Mining (NYSE:HL) dipped 0.2%.
- Pan American Silver (NASDAQ:PAAS) rose 0.2%.
- Silver Wheaton (NYSE:SLW) was flat.
- Silver Standard Resources (NASDAQ:SSRI) climbed 0.7%.
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.
