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.
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Tom Lydon’s clients own shares of GLD.