SPDR Gold Shares (NYSEArca: GLD) and U.S. Oil Fund (NYSEArca: USO) were down more than 1% in early U.S. trading Tuesday as commodity and global equity markets sold off on concerns the Federal Reserve may soon pull back on monetary easing.
In broad commodity ETFs, PowerShares DB Commodity Index Tracking Fund (NYSEArca: DBC) slipped 1.2% at the open. [Bear has Growled for These Commodities ETFs]
Stocks, bonds and commodities around the globe were under pressure Tuesday after the Bank of Japan announced no new stimulus measures.
In commodities markets, gold prices fell to the lowest levels in over two weeks one day after S&P lifted its credit outlook for the U.S. Gold futures were back below $1,400 an ounce.
Gold holdings in bullion-backed ETFs fell to the lowest since April 2011 on Monday, Bloomberg reports. However, assets in GLD increased for the first time since May 29.