Gold dropped in Friday trading as the U.S. dollar resumed its advance and better-than-expected economic reports buoyed investor optimism. The metal declined for the seventh consecutive session after the Conference Board’s leading economic index and the University of Michigan/Thomson Reuters consumer sentiment index both climbed more than expected.
Gold futures for June delivery fell 1.6% to $1,364.70 per ounce on Friday, according to CME Group. Gold traded as high as $1,391.30 and as low as $1,357.60. Gold bullion closed in London at $1,360, according to BullionVault.
Silver futures for June delivery sank 1.4% to $22.34 per ounce. Friday’s high for silver was $22.69 while the low was $22.24.
Gold and silver funds dropped in Friday trading.
- The SPDR Gold Trust (GLD) slid 2.3%.
- The iShares Gold Trust (IAU) also fell 2.3%.
- The iShares Silver Trust (SLV) declined 2.5%.
Gold and silver mining ETFs slumped during the day.
- The Market Vectors Gold Miners ETF (GDX) sank 4%.
- The Market Vectors Junior Gold Miners ETF (GDXJ) tumbled 5.1%.
- The Global X Silver Miners ETF (SIL) fell 4%.
Gold mining shares retreated on Friday.
- Agnico-Eagle Mines (AEM) dropped 4.8%.
- Barrick Gold (ABX) declined 3.6%.
- Eldorado Gold (EGO) slipped 4.1%.
- Goldcorp (GG) moved down 3.9%.
- Kinross Gold (KGC) sank 2.8%.
- Newmont Mining (NEM) fell 2.9%.
- NovaGold Resources (NG) slid 3.2%.
- Yamana Gold (AUY) dove 5.7%.
Silver mining shares pulled back during the day.
- Coeur d’Alene Mines (CDE) slumped 3.3%.
- Hecla Mining (HL) dipped 1.5%.
- Pan American Silver (PAAS) dropped 2.8%.
- Silver Wheaton (SLW) sank 3.6%.
- Silver Standard Resources (SSRI) declined 3.4%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.