Gold and Silver Close Mixed While Miners Advance Friday, August 27, 3:49 PM ET, by Market News Video Staff Despite making strong moves higher, spot gold prices ended the day lower by $0.50/oz and ...
Weekly ETF Leaders and Laggards: GDX, EMFN Friday, August 27, 4:21 PM ET, by Market News Video Staff The Gold Miners ETF (GDX) outperformed other ETFs this week, up about 4.1%. Components of ...
Gold Edges Higher, Miners Head Lower Monday, August 30, 3:25 PM ET, by Market News Video Staff In afternoon trading today, spot gold prices edged higher as the US markets struggled to ...
Gold ETFs Climb Following Downward Revision to US GDP
By Market News Video Staff, Friday, August 27, 11:20 AM ET
On Friday, the Commerce Department announced that the US GDP for the 2nd quarter had been revised lower to a growth rate of just 1.6%. The Department had previously estimated the growth rate to be 2.4%, but this was just the initial reading before key economic data was released in July. While the 1.6% rate did beat estimates of 1.3% held by economists, gold bugs sent the yellow metal higher in tandem with stocks. On the day, spot gold prices hit a high of $1,243/oz and propelled gold ETFs higher.
The SPDR Gold ETF (AMEX:GLD) were higher by 0.3%, the Market Vectors Gold Miners ETF (AMEX:GDX) climbed more than 1% and the Market Vectors Junior Gold Miners ETF (AMEX:GDXJ) gained 1.7%.
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