Gold and silver futures moved modestly higher on Monday as precious metals built on last week’s gains. Today’s strength in gold and silver came despite stability in the U.S. Dollar Index, which held near unchanged at 80.042 against a composite of foreign currencies.
While U.S. financial markets were closed for the Martin Luther King Jr. holiday, in electronic trading gold futures advanced by $2.90 to $1,689.90 per ounce. Silver futures fared slightly better, rising $0.15, or 0.5%, to $32.02 per ounce.
In Canada, mining stocks inched up alongside precious metals. The S&P/TSX Global Gold Index, comprised of many of the world’s largest gold and silver producers, added 0.3% to 296.44. Notable advancers included Barrick Gold (ABX.TSX) and Kinross Gold (K.TSX), which each rose by 0.9% to C$34.05 and C$9.53 per share, respectively.