The bullion holding exchange traded funds (ETFs) were lower on Friday, StreetTRACKS Gold (GLD) was down 3.2%, iShares Comex Gold (IAU) was down 3.3% and PowerShares DB Gold (DGL) was down3.1%.  Simon Constable of TheStreet.com reports that investors seem to have decided to cash in on their gold holdings. Contracts for the April delivery of gold dropped $21 to close at $644.10 an ounce on the Comex division of the New York Mercantile Exchange. The bullion has given fair returns this year, the spot market is up about 5%, so investors took the chance to grab profits.

The opinions and forecasts expressed herein are solely those of Tom Lydon, 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.

Subscribe to our free daily newsletters!
Please enter your email address to subscribe to ETF Trends' newsletters featuring latest news and educational events.