Both precious metals held relatively steady, as the U.S. economy grew at a slightly better pace than estimated, but not enough for significant progress. The Commerce Department reported that the gross domestic product increased at a 2 percent annual rate from July through September, compared to a 1.25 percent rate in the prior quarter.
The Government increasing its spending on defense and other items was a large factor in GDP topping estimates of 1.8 percent. Government consumption and expenditures soared 9.6 percent after decreasing 0.2 percent in the second quarter. Defense spending surged 13 percent after also decreasing 0.2 percent during the previous period.
By the end of the trading day, the SPDR Gold Trust (NYSEARCA:GLD) closed 0.05 percent in the red, while the iShares Silver Trust (NYSEARCA:SLV) fell 0.13 percent. Gold miners (NYSEARCA:GDX) such as Barrick Gold (NYSE:ABX) and Yamana Gold (NYSE:AUY) both declined by almost 1 percent. Silver names such as Endeavour Silver (NYSE:EXK) and Silver Wheaton (NYSE:SLW) both managed to close 0.51 percent higher.
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Disclosure: Long EXK, AG, HL, PHYS