A better-than-forecast report on U.S. hiring in May from the Labor Department pushed gold sharply lower in Friday trading. The report renewed investor confidence in the strength of the U.S. economy, driving equities higher at the metal’s expense. Gold posted its first weekly decline in three weeks.
Gold futures for July delivery dropped 2.3% to $1,383.10 per ounce on Friday, according to CME Group. Gold traded as high as $1,416 and as low as $1,377.60. Gold bullion closed in London at $1,381, according to BullionVault.
Gold and silver funds moved down in Friday trading.
- The SPDR Gold Trust (GLD) slid 2.4%.
- The iShares Gold Trust (IAU) fell 2.5%.
- The iShares Silver Trust (SLV) plunged 4.9%.
Gold and silver mining ETFs declined sharply during the day.
- The Market Vectors Gold Miners ETF (GDX) tumbled 4.2%.
- The Market Vectors Junior Gold Miners ETF (GDXJ) plummeted 5.4%.
- The Global X Silver Miners ETF (SIL) dropped 4.1%.
Gold mining shares slumped on Friday.
- Agnico-Eagle Mines (AEM) sank 6.7%.
- Barrick Gold (ABX) fell 4.2%.
- Eldorado Gold (EGO) dropped 5%.
- Goldcorp (GG) declined 4.4%.
- Kinross Gold (KGC) slid 4.9%.
- Newmont Mining (NEM) dipped 2.4%.
- NovaGold Resources (NG) plunged 6.5%.
- Yamana Gold (AUY) moved down 4.5%.
Silver mining shares sank during the day.
- Coeur d’Alene Mines (CDE) fell 5.3%.
- Hecla Mining (HL) plummeted 6.1%.
- Pan American Silver (PAAS) dropped 4.8%.
- Silver Wheaton (SLW) slipped 1.5%.
- Silver Standard Resources (SSRI) plunged 7.9%.
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.