Investors turned to precious metals amid another big selloff in the stock market Friday, boosting exchange-traded funds tracking gold and silver.
The September gold contract added $8.80 to $672.80, while silver gained 16 cents to $12.87.
PowerShares DB Silver
was adding 50 cents, or 2%, to $25.38. The
PowerShares DB Precious Metals
was gaining 46 cents, or 1.8%, to $26.21. The
streetTracks Gold Shares
was gaining $1.04, or 1.6%, to $66.50. The
iShares Comex Gold Trust
ascended $1.13, or 1.7%, to $66.64.
Real estate-related funds were among the hardest hit, as concerns about tightening credit and the burgeoning subprime mortgage crisis continued to escalate among investors. Major homebuilders including
were all losing more than 2%.
Ultra Real Estate ProShares
sank $2.47, or 5.4%, to $43.19. The
iShares Dow Jones US Home Construction
was losing $1.09, or 3.8%, to $27.63. The
iShares FTSE NAREIT Mortgage REITs
was falling $1.05, or 3.2%, to $31.60.
ETFs tracking the European markets were also hit hard, as investors became increasingly concerned about the spread of U.S. credit worries across the Atlantic. A day after French bank
said it has suspended three of its funds with exposure to securities backed by U.S. subprime mortgages, Paris' CAC 40 sank 176.15 points and London's FTSE 100 closed down 232.90 points.
PowerShares Dynamic Europe
was sinking $1.06, or 4.4%, to $23.19. The
iShares MSCI France Index
was losing $1.53, or 4.1%, to $35.39.
On the positive side, rising natural gas prices boosted some energy ETFs. The front-month natural gas futures contract was gaining 26 cents to $6.84.
United States Natural Gas
ETF was rising $1.58, or 3.8%, to $43.32. The
PowerShares Dynamic Energy Exploration & Production
was up 41 cents, or 2%, to $21.11. The
PowerShares Dynamic Oil & Gas Services
was adding 28 cents, or 1.1%, to $24.89.
Rising semiconductor names boosted some bundled securities tacking technology.
were both adding more than 5%.
PowerShares Dynamic Technology
was rising 57 cents, or 2.2%, to $26.39. The
Internet Infrastructure HOLDRs
was adding 7 cents, or 1.5%, to $4.70.