New York, November 7th (TradersHuddle.com) – Gold prices jumped sharply on Monday on new concerns coming from Italy, where Italian Prime Minister Silvio Berlusconi was under pressure to resign Monday as government borrowing costs spiked to the highest level since the introduction of the euro. Gold prices gained $19 or 1.08% to $1,775 an ounce. Silver also added 1.22% to $34.50 an ounce. The Dollar index jumped 0.31% to 77.15 as the euro fell 0.37% against the dollar. Sunday, Greece's politicians reached an agreement to introduce a unity government to approve a euro zone bailout, but details were limited, which raised uncertainty in the markets. Silvio Berlusconi has now one more day before a parliament vote on public finance after his government failed to adopt reforms to ignore an unwanted debt crisis. Earlier in the morning, there was a rumor among traders that Silvio Berlusconi may resign today, however, Italian news agency ANSA subsequently confirmed that Berlusconi has denied talk of stepping down. Sentiment was further worsen after Yves Mersch, the Luxembourg central bank chief, told an Italian newspaper over the weekend that the European Central Bank could stop buying Italian bonds if the government make changes to planned economic reforms. Copper prices fell about 1% after falling as much as 2.50% earlier in the session. SPDR Gold Trust (ETF) (NYSE:GLD) surged 1.07% to $172.67 on high volume in the pre market session. Goldcorp Inc. (USA) (NYSE:GG) surged 0.60% to $52.00, Yamana Gold Inc. (USA) (NYSE:AUY) gained 1.54% to $16.51 and New Gold Inc. (USA) (AMEX:NGD) is trading with mild gain. Silver price also gained about 1% to $33.615/t oz. ETFS Silver Trust (NYSE:SIVR) surged 1.24% to $34.33 and iShares Silver Trust (ETF) (NYSE:SLV) added 1.10%. Silver Wheaton Corp. (USA) (NYSE:SLW) surged 0.90% in the pre-market session. Pan American Silver Corp. (USA) (NASDAQ:PAAS) climbed 0.70% to $30.00. Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) slide in the pre-market session and fell 0.70% to $40.04, followed by Rio Tinto plc (ADR) (NYSE:RIO) lost 0.90% and Southern Copper Corporation (USA) (NYSE:SCCO) declined 0.40%. iPath Dow Jones-UBS Copper Subindex Total Return ETN (NYSE:JJC) lost 0.67%.

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