Gold and silver fall as jobs data lessen metals’ appeal (GLD, SLV)

Share This Article
June 5, 2009 9:30am NYSE:GLD NYSE:SLV

goldandsilverGold and silver futures fell sharply Friday, extending their weekly losses as an upbeat U.S. employment report boosted hopes for an economic recovery and served to reduce the safe-haven investment appeal of precious metals.

Nonfarm payroll fell 345,000 in May, the Labor Department reported, but this drop was much less than the 500,000 expected by analysts surveyed by MarketWatch. The decline in payrolls was the smallest since September. A stronger dollar also weighed on commodities.


Gold for June delivery fell $23.70, or 2.4%, to $957.50 an ounce on the Comex division of the New York Mercantile Exchange. The more active August contract also lost 2.4%, surrendering $23.90 to stand at $958.40……

Meanwhile, July silver skidded 71.5 cents, or 4.5%, to $15.18 an ounce

……holdings in the SPDR Gold Trust (GLD) stood at 1,132.50 metric tons Thursday, unchanged from the previous day, according to latest data from the biggest exchange-traded fund backed by gold.

Holdings in the iShare Silver Trust (SLV) , the biggest silver ETF, stood at 8,605.43 metric tons, also unchanged from a day ago.

Full Story: http://www.marketwatch.com/story/gold-and-silver-lose-some-luster-after-jobs-report


7 Best ETFs for the NEXT Bull Market

Read Next



Free Investing Ideas Newsletter!

Join over 70,000 investors who get the latest insights and top rated picks from our free investment newsletter.

Most Popular



9 Buy the Dip Growth Stocks

Explore More from ETFDailyNews.com

Free Investment Newsletter

Join over 70,000 investors who get the latest insights and top rated picks from our free investment newsletter.

ETFDailyNews.com respects your privacy.

Best ETFs

We've rated and ranked nearly 2,000 ETFs and ETNs using our proprietary SMART Grade system.

View Top Rated ETFs

Best Categories

We've ranked dozens of ETF categories based on relative performance.

Best ETF Categories