ETFs tracking gold and miner stocks were among the worst performers Friday morning after the Labor Department said the U.S. economy added 175,000 jobs last month, more than expected.
SPDR Gold Shares (NYSEArca: GLD) was off by 1.7% while Market Vectors Gold Miners (NYSEArca: GDX) slipped 2.6%. [ETF BFFs: Gold Miners and the Yen]
Gold futures dropped back under $1,400 an ounce on speculation the May employment report makes it more likely the Federal Reserve will “taper” its bond purchases. Silver was also lower with iShares Silver Trust (NYSEArca: SLV) down 3%.
GLD was in danger of falling into the red for the week after two up weeks.
Exchange traded products tracking gold saw outflows of $6 billion last month, according to ETFGI. [Global ETFs Gather Over $100 Billion This Year]