Gold and silver exchange traded funds opened the week with a rally after Greece missed goals on cutting its deficit.
The Greek government passed austerity measures over the weekend. Eurozone finance ministers were meeting later Monday to hold talks on the next steps to address the debt crisis, Reuters reported.
SPDR Gold Shares (NYSEArca: GLD) rose 2% before Monday’s opening bell, while iShares Silver Trust (NYSEArca: SLV) added 4.7% in premarket.
Gold was rising for the third straight day after posting its worst month in September since October 2008. Technical analysts are talking about a potential “double top” in gold, but ETFs could get a seasonal bounce in the fourth quarter. [Gold ETFs Look for Seasonal Bounce in Q4]
The gold ETF lost about 11% in September.