The SPDR Gold Trust (GLD) looked like it was going to be a victim today of a relief rally in markets spurred by Sunday’s apparent deal by lawmakers to avoid a default on U.S. debts.
In the early going this morning, shares of GLD were trading down more than 0.5%. The iShares Silver Trust (SLV) fell from electronic trading in the wee hours to the opening 30 minutes or so in the regular session by nearly 1.4%.
Then came a widely followed reading of the Institute for Supply Management’s manufacturing index. In July, the gauge fell 4.4 points to 50.9%, barely staying above the 50% no-change line and coming in well-below analysts’ expectations.
Now, SLV’s down by 0.7% and GLD’s off by some 0.1% so far. Gold futures settled at a record $1,631.20 an ounce on Friday. The most actively traded gold contract on the Comex for December delivery was down most recently by $6.60 at $1,624.60 an ounce.
Miners are also paring gains. Shares of the Market Vectors Gold Miners ETF (GDX) had been ahead by 2.6% earlier. The ETF’s now up about 1.2%. The Global X Silver Miners ETF (SIL) is ahead by 0.3% after being up by more than 1% in the early going. Newmont Mining (NEM) has moved to slightly negative while Silver Wheaton (SLW) remains up by 2.9%. Goldcorp’s (GG) up by 1.1%.
Pressuring precious metals today is the greenback. The U.S. Dollar Index has slipped a bit on the manufacturing data. But it’s still up 0.5% ahead of an expected vote later today in the House on a compromise plan to raise the U.S. debt ceiling. Read More
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