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Updated from 10:50 a.m. ET with settlement price.

NEW YORK (

TheStreet

) -- Gold prices surged Monday as investors fled risky assets amid escalating worries about the stability of the eurozone.

The major U.S. equity averages were all

down more than 1%

as the headlines across the pond got ugly. Cyprus became the latest eurozone country to request a bailout while Greece's finance minister resigned and Spain put in its much-anticipated formal bid for funds to shore up its banks.

Gold for August delivery settled up $21.50 at $1,588.40 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded as high as $1,589 and as low as $1,566.90 during the session, while the spot price jumped $11.80, according to Kitco.com.

Silver gained about 86 cents at $27.52, while the U.S. dollar index was up 0.34% to $82.49.

George Gero, financial consultant at RBC Wealth Management, said he thinks investors will turn to gold as a safe haven all week.

"Stocks weak everywhere, gold getting more buyers as economic problems and stress wherever the investor turns, so gold and the dollar are the havens," Gero wrote in a morning note.

Among gold miners,

Eldorado Gold

(EGO) - Get Eldorado Gold Corporation Report

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was falling to $12.13, down 27 cents, or 2.2%, while

Randgold Resources

(GOLD) - Get Barrick Gold Corporation Report

was dipping to $88.02, down $1.37, or 1.5%.

Kinross Gold

(KGC) - Get Kinross Gold Corporation Report

was at $8.11, down 10 cents, or 1.2%, while

Newmont Mining

(NEM) - Get Newmont Corporation Report

was slightly higher at $48, up 23 cents, or 0.5%.

-- Written by Joe Deaux in New York.

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