SEE MORE: Gold ETFs Retreat on Strengthening USD, Rate Hike Outlook

Precious metals have been under pressure as hints of an improving economy and a number of hawkish statements from Fed officials raised the prospect of a tightening monetary policy.

“GLD’s holdings hit a 2016 high early July, but some 23.8 tonnes have been pulled out from the fund’s vaults since then, reducing the value of holdings by $3.86 billion as the gold price retreats. Year to date, holdings are up 316 tonnes,” according to Mining.com.

For more information on the gold bullion market, visit our gold category.

Tom Lydon’s clients own shares of GLD.