On Friday, gold (NYSEARCA:GLD) futures for June delivery, the most active contract, dipped $8.40 to close at $1,453.60 per ounce, while silver (NYSEARCA:SLV) futures for May fell 38 cents to finish at $23.76.
Both precious metals declined, despite the U.S. dollar falling after the latest gross domestic product reading. The Commerce Department said the U.S. economy expanded at a 2.5 percent annual rate for the first quarter. Economists surveyed by Dow Jones Newswires expected a 3.2 percent pace, while the median estimate of 86 economists surveyed by Bloomberg had forecast a 3 percent rate. Much of the strength came from household consumption, which accounts for roughly 70 percent of the economy.
Although precious metals declined ahead of the weekend, gold and silver both logged impressive gains on a weekly basis.
In afternoon trading, the SPDR Gold Trust (NYSEARCA:GLD) dipped 0.35 percent, while the iShares Silver Trust (NYSEARCA:SLV) fell 1.50 percent. Gold miners (NYSEARCA:GDX) such as Yamana Gold (NYSE:AUY) and Barrick Gold (NYSE:ABX) both dropped more than 2 percent. First Majestic Silver (NYSE:AG) plunged more than 5 percent.
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Disclosure: Long EXK, AG, HL, PHYS