Gold and silver exchange traded funds (ETFs) were lower Tuesday, falling back from their recent highs even though the U.S. dollar weakened.

SPDR Gold Shares (NYSEArca: GLD) and iShares Silver Trust (NYSEArca: SLV) were both down less than 1% in afternoon trading Tuesday following a report on the U.S. budget deficit. However, oil ETFs were the big decliners in the commodity complex.

Precious-metals ETFs for gold and silver were losing ground Tuesday along with the dollar. Usually, they tend to move in the opposition direction of the greenback.

Trading volume in the silver ETF has picked up this week during the correction.

iShares Silver Trust

For full disclosure, Tom Lydon’s clients own SLV and GLD.

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