Gold Down After July Retail Sales Report

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tdp2664 InvestorPlace Gold prices were trending lower, moving from just under $1,770 to around $1,750 per ounce, in electronic, Asia-Pacific and London trading overnight and into Friday, having dropped about $60 per ounce Thursday. More downward pressure came into play early Friday in New York after the release of U.S. retail sales for July, which rose 0.5%, a four-month high. The Commerce Department also revised June retail upward to 0.3%. To stem heightened volatility in the markets, EU stock exchanges banned the short selling of stocks while the CME raised margin requirements on Comex gold futures in response to recent sharp drops in the former and a sharp rise to nominal record highs in the latter. Spot gold was trading $1,735.90 Bid, $1,736.90 Ask. The London PM gold fix came in at $1,736 an ounce. Spot silver was trading $38.67 Bid, $38.77 Ask, the London AM fix set at $38.29, according to Kitco market data . Taking a look at exchange trading, gold and silver trusts were heading lower early Friday. The SPDR Gold Trust (NYSE: GLD ) was down more than 1%. The iShares Gold Trust (NYSE: IAU ) was down more than 1%. The iShares Silver Trust (NYSE: SLV ) was 0.15% lower. Gold and silver mining ETFs also were lower. The Market Vectors Gold Miners ETF (NYSE: GDX ) was down 1%. The Market Vector Junior Gold Miners ETF (NYSE: GDXJ ) was off around 2.2%. The Global X Silver Miners ETF (NYSE: SIL ) was trading around 0.1% lower. Shares of gold miners were showing losses of about 1% to 2% early Friday. Agnico Eagle Mines (USA) (NYSE: AEM ) was off more than 1.6%. Barrick Gold Corp. (NYSE: ABX ) was around 1% lower. Goldcorp (NYSE: GG ) was more than 2% lower. Newmont Mining Corp. (NYSE: NEM ) was down about 1.2%. NovaGold Resources (USA) (AMEX: NG ) was nearly 2% lower. Silver mining shares were showing losses across the board early Friday. Coeur D’Alene Mines Corp. (NYSE: CDE ) was off 0.7%. Hecla Mining (NYSE: HL ) was nearly 2.3% lower. Pan American Silver Corp. (USA) (NASDAQ: PAAS ) was off more than 1.5%. Silver Wheaton Corp. (USA) (NYSE: SLW ) was more than 0.5% lower. Silver Standard Resources Inc. (USA) (NASDAQ: SSRI ) was down more than 2%. The author does not hold positions in any of the above-mentioned investments.