Gold ETFs Down Slightly to End Tough Month
September 30th at 9:40am by John Spence
Exchange traded funds that follow gold prices were down slightly Friday as the dollar rose and precious metals ETFs prepared to close the books on a difficult September.
ETFS Physical Swiss Gold Shares (NYSEArca: SGOL), iShares Gold Trust (NYSEArca: IAU) and SPDR Gold Shares (NYSEArca: GLD) were fractionally lower in early trading.
The nearly $64 billion SPDR Gold Shares was down about 11% for September as of Thursday’s close.
Still, gold prices were set to post their largest quarterly gain this year, Reuters reported. This despite the metal’s worst monthly performance in September since October 2008. Gold prices traded in a range of nearly $400 an ounce this month amid extreme volatility, according to the report.
In silver ETFs, iShares Silver Trust (NYSEArca: SLV) fell more than 1% in morning trade Friday.
Stock ETFs were down as the dollar strengthened against the euro. PowerShares DB US Dollar Index Bullish (NYSEArca: UUP) rose 0.9%.
ETFS Physical Swiss Gold Shares
Full disclosure: Tom Lydon’s clients own GLD and SLV.
Full disclosure: John Spence owns UUP.
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