Gold futures advanced on Monday amid rising concerns over the sovereign debt crisis in Europe

Gold futures advanced on Monday amid rising concerns over the sovereign debt crisis in Europe.

COMEX gold futures, per the June contract, reached an intra-day high of $1,517.80, before settling with a gain of $6.50, or 0.4%, at $1,515.40 per ounce. Several unnerving developments occurred in Europe over the weekend that spooked investors. Standard & Poor’s lowered its outlook on Italy’s credit rating, Spain’s ruling Socialist political party suffered its worst-ever defeat in regional elections, and government bond yields on Greek debt spiked to fresh all-time highs.

The concerns pressured the euro currency, which dipped below 1.40 against the U.S. dollar.