U.S. stock exchange traded funds were on track for a slightly higher open Friday as Dow futures gained 50 points before the bell. Trading is expected to be light with many traders starting the holiday weekend early.
In precious metals, gold and silver ETFs were little changed in premarket action. Gold prices have clawed back above $1,600 an ounce.
Holdings in ETFs backed by gold bullion declined for a fifth day on Thursday to the lowest level since mid-November as investors sold the metal to cover losses in other markets, Bloomberg reported.
“The jobless numbers were better than expected, and we’re seeing the dollar strengthen again,” said Dennis Cajigas, strategist at Zaner Group, in the article. “The U.S. economy is starting to find some traction. The ETF numbers are also a factor.”
“Bullion-backed ETF holdings, which reached an all-time high of 2,360.81 metric tons on Dec. 14, fell to 2,329.921 tons,” Bloomberg reported.
Here’s a look at the other top ETF stories making the rounds online this morning:
- Play the January effect with small-cap ETFs. [Benzinga]
- iShares registers 3 active equity ETFs. [Index Universe]
- Top emerging currency ETFs. [The Street]
- ETF experts’ top sector plays for 2012. [Investor’s Business Daily]
- Investors reduce holdings of gold ETFs. [Bloomberg]
- Gold firms as upbeat data lifts euro, stocks. [Reuters]
iShares Gold Trust (NYSEArca: IAU)