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 . 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 () slid 2.3%.
- The iShares Gold Trust () also fell 2.3%.
- The iShares Silver Trust () declined 2.5%.
Gold and silver mining ETFs slumped during the day.
- The Market Vectors Gold Miners ETF () sank 4%.
- The Market Vectors Junior Gold Miners ETF () tumbled 5.1%.
- The Global X Silver Miners ETF () fell 4%.
Gold mining shares retreated on Friday.
- Agnico-Eagle Mines () dropped 4.8%.
- Barrick Gold () declined 3.6%.
- Eldorado Gold () slipped 4.1%.
- Goldcorp () moved down 3.9%.
- Kinross Gold () sank 2.8%.
- Newmont Mining () fell 2.9%.
- NovaGold Resources () slid 3.2%.
- Yamana Gold () dove 5.7%.
Silver mining shares pulled back during the day.
- Coeur d’Alene Mines () slumped 3.3%.
- Hecla Mining () dipped 1.5%.
- Pan American Silver () dropped 2.8%.
- Silver Wheaton () sank 3.6%.
- Silver Standard Resources () declined 3.4%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of contributed to this report.
