After a better-than-expected July jobs report, speculation over a potential Federal Reserve rate hike this year and a strengthening U.S. dollar pummeled gold and miners-related exchange traded funds.
On Friday, the VanEck Vectors Gold Miners ETF (NYSEArca: GDX) fell 3.2% and VanEck Vectors Junior Gold Miners ETF (NYSEArca: GDXJ) declined 3.3% while the SPDR Gold Shares (NYSEArca: GLD) dropped 1.7%.
Comex gold futures were down 1.8% to $1,343.4 per ounce on Friday.
Meanwhile, bearish ETF bets on gold miners were among the best performers on Friday. The Direxion Daily Gold Miners Index Bear 3X Shares (NYSEArca: DUST) surged 9.2%, Direxion Daily Junior Gold Miners Index Bear 3X Shares (NYSEArca: JDST) jumped 10.1%, ProShares UltraShort Gold Miners (NYSEArca: GDXS) increased 6.2% and ProShares UltraShort Junior Miners (NYSEArca: GDJS) advanced 6.2%.
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Nevertheless, bullion and precious metals miners are still among the best performing assets of the year, with GDX up 127.6%, GDXJ 166.3% higher and GLD up 28.0% year-to-date.
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Gold and the miners group slipped Friday on rising bets the Fed would raise interest rates soon, with some eying a September rate hike, after the U.S. economy added 255,000 jobs in July.