Good economic news sent gold down sharply in Friday trading. The precious metal was battered by reported gains in U.S. consumer confidence and few signs of inflation in the economy. Gold fell back below $1,400 an ounce and closed out May with its second consecutive monthly loss.
Gold futures for July delivery dropped 1.3% to $1,392.80 per ounce on Friday, according to CME Group. Gold traded as high as $1,420.70 and as low as $1,389.50. Gold bullion closed in London at $1,388, according to BullionVault.
Silver futures for July delivery sank 2% to $22.24 per ounce. Friday’s high for silver was $22.86 while the low was $22.10.
Gold and silver funds retreated in Friday trading.
- The SPDR Gold Trust (GLD) slid 2%.
- The iShares Gold Trust (IAU) also fell 2%.
- The iShares Silver Trust (SLV) sank 2.5%.
Gold and silver mining ETFs moved lower during the day.
- The Market Vectors Gold Miners ETF (GDX) declined 1.9%.
- The Market Vectors Junior Gold Miners ETF (GDXJ) dropped 2.7%.
- The Global X Silver Miners ETF (SIL) slipped 1.7%.
Gold mining shares mostly fell back on Friday.
- Agnico-Eagle Mines (AEM) climbed 1.5%.
- Barrick Gold (ABX) fell 0.9%.
- Eldorado Gold (EGO) dipped 0.5%.
- Goldcorp (GG) slid 0.6%.
- Kinross Gold (KGC) rose 0.5%.
- Newmont Mining (NEM) edged down 0.3%.
- NovaGold Resources (NG) sank 1.6%.
- Yamana Gold (AUY) also dropped 1.6%.
Silver mining shares sank during the day.
- Coeur d’Alene Mines (CDE) slid 3.3%.
- Hecla Mining (HL) declined 2.9%.
- Pan American Silver (PAAS) tumbled 5.6%.
- Silver Wheaton (SLW) moved down 2.6%.
- Silver Standard Resources (SSRI) dropped 3.6%.
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.