On Thursday, gold (NYSEARCA:GLD) futures for August delivery, the most active contract, fell $14.20 to close at $1,377.80 per ounce, while silver (NYSEARCA:SLV) futures for July decreased 21 cents to finish at $21.58.
Both precious metals declined as stocks rebounded from a three-day losing streak. In fact, all three major indices rallied more than 1 percent. The Dow Jones Industrial Average jumped 181 points, while the S&P 500 gained nearly 24 points. The Nasdaq increased 45 points.
Stocks across the board received a late-afternoon lift as Jon Hilsenrath — considered to be a mouthpiece for the Federal Reserve — published an article for the WSJ saying the central bank is likely to push back expectations of a rate increase. He also reminded the market that any adjustment in the Fed’s monthly bond-buying programs will not automatically lead to a complete withdrawal.
While low interest rates are typically a positive for precious metals, the SPDR Gold Trust (NYSEARCA:GLD) closed 0.40 percent in the red, while iShares Silver Trust (NYSEARCA:SLV) managed a slight gain. However, gold miners (NYSEARCA:GDX) such as Newmont Mining (NYSE:NEM) and Yamana Gold (NYSE:AUY) both increased about 1 percent. Shares of Endeavour Silver (NYSE:EXK) jumped 1.7 percent.
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Disclosure: Long EXK, AG, HL, PHYS
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