SPDR Gold Shares (NYSEArca: GLD) rose about 1% in Monday’s premarket after the ETF’s bullion holdings climbed for the first time in two months.
GLD’s gold holdings added 1.8 metric tons on Friday to 911.13 metric tons, the first daily increase since June 10, MarketWatch reports.
Gold futures were higher Monday after dipping below $1,300 an ounce last week.
Bullion held in exchange traded products listed around the world rose 1.4 metric tons to 1,948.3 tons on Aug. 9, the first increase this month, Bloomberg reports. Assets are down 26% year to date.
In terms of performance, GLD is off more than 20% this year on speculation the Federal Reserve may pare its stimulus. [Is Gold Just Another Metals ETF?]
Gold is heading for its worst year in three decades, according to Bloomberg.
SPDR Gold Shares
Full disclosure: Tom Lydon’s clients own GLD.
The opinions and forecasts expressed herein are solely those of John Spence, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.