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 . 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.
- The SPDR Gold Trust (NYSE:) rose 0.1%.
- The iShares Gold Trust (NYSE:) also added 0.1%.
- The iShares Silver Trust (NYSE:) fell 1.3%.
Gold and silver mining ETFs pulled back strongly during the day.
- The Market Vectors Gold Miners ETF (NYSE:) declined 1.1%.
- The Market Vectors Junior Gold Miners ETF (NYSE:) dropped 2.1%.
- The Global X Silver Miners ETF (NYSE:) slid 1.7%.
Gold mining shares broadly fell on Monday.
- Agnico-Eagle Mines (NYSE:) retreated 1.2%.
- Barrick Gold (NYSE:) dropped 1.3%.
- Eldorado Gold (NYSE:) slumped 1.6%.
- Goldcorp (NYSE:) dipped 0.6%.
- Kinross Gold (NYSE:) slid 0.9%.
- Newmont Mining (NYSE:) fell 1.2%.
- NovaGold Resources (AMEX:) was flat.
- Yamana Gold (NYSE:) declined 1.6%.
Silver mining shares moved lower during the day.
- Coeur d’Alene Mines (NYSE:) sank 1.9%.
- Hecla Mining (NYSE:) also slipped 1.8%.
- Pan American Silver (NASDAQ:) tumbled 2.7%.
- Silver Wheaton (NYSE:) declined 1.7%.
- Silver Standard Resources (NASDAQ:) dropped 2.8%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of contributed to this report.
