On Friday, gold (NYSEARCA:GLD) futures for August delivery, the most active contract, dipped $5.30 to close at $1,387.50 per ounce, while silver (NYSEARCA:SLV) futures for July edged one penny lower to finish at $22.50. Gold finished the week about 1.7 percent higher.
It was a volatile week for both precious metals, as the Federal Reserve continues to keep investors guessing about its plans for bond purchases.
The latest Federal Open Market Committee minutes stated, “A number of participants expressed willingness to adjust the flow of purchases downward as early as the June meeting if the economic information received by that time showed evidence of sufficiently strong and sustained growth; however, views differed about what evidence would be necessary and the likelihood of that outcome.”
However, St. Louis Federal Reserve Bank President James Bullard told CNBC on Friday that he would like to see faster inflation before the central bank’s QE programs are dialed down.
In afternoon trading, the SPDR Gold Trust (NYSEARCA:GLD) declined 0.35 percent, while the iShares Silver Trust (NYSEARCA:SLV) dropped nearly 1 percent. Gold miners (NYSEARCA:GDX) such as Newmont Mining (NYSE:NEM) and Goldcrop (NYSE:GG) fell 1.5 percent and 2.1 percent, respectively. First Majestic Silver (NYSE:AG) managed to edge slightly higher.
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Disclosure: Long EXK, AG, HL, PHYS