Gold traded at new nominal highs above $1,890 per ounce in overnight electronic and Asia-Pacific trading before turning around and heading lower, holding just above $1,860 at the New York open.

Gold changed course shortly thereafter and was heading higher early Monday as market participants await this week’s economic data, news from European Union leaders regarding a potential debt crisis and word from Fed chairman Bernanke and other central bankers as they meet for an annual symposium in Jackson Hole, Wyo.

New York spot gold was trading at $1,876 Bid, $1,877 Ask, up 1.24% at last read early Monday, having hit a high of $1,880.90 and a low of $1,857.10, according to Kitco market data. Spot silver was trading at $43.41 Bid, $43.51 Ask, up 1.19%, hitting an intraday low of $42.40 and a high of $43.70.

Gold and silver trusts were making strong moves higher early Monday.

• The SPDR Gold Trust (NYSE:GLD) was up nearly 1.5%.
• The iShares Gold Trust (NYSE:IAU) was up 1.44%.
• The iShares Silver Trust (NYSE:SLV) was almost 1.7% higher.

Gold and silver miner ETFs were moving up sharply.

• The Market Vectors Gold Miners ETF (NYSE:GDX) was almost 3% higher.
• The Market Vector Junior Gold Miners ETF (NYSE:GDXJ) was about 3.7% higher.
• The Global X Silver Miners ETF (NYSE:SIL) was up nearly 4%.

Shares of gold miners were making large gains, with most gold miners up more than 3%.

• Agnico Eagle Mines (USA) (NYSE:AEM) was more than 3.3% higher.
• Barrick Gold Corp. (NYSE:ABX) was more than 2.4% higher.
• Goldcorp (NYSE:GG) was up 3.25%.
• Newmont Mining Corp. (NYSE:NEM) was up 3.75%.
• NovaGold Resources (USA) (AMEX:NG) was more than 3.5% higher.

Silver mining shares were sharply higher as well, with Coeur D’Alene Mines and Pan American Silver shooting up over 5% early Monday.

• Coeur D’Alene Mines Corp. (NYSE:CDE) was surging around 5.4% higher.
• Hecla Mining (NYSE:HL) was more than 4.6% higher.
• Pan American Silver Corp. (USA) (NASDAQ:PAAS) was up more than 5.8%.
• Silver Wheaton Corp. (USA) (NYSE:SLW) was up nearly 4%.
• Silver Standard Resources Inc. (USA) (NASDAQ:SSRI) was up almost 2.6%.

The author does not hold positions in any of the above-mentioned investments.