NEW YORK (TheStreet) -- The gold and silver market didn't do well in the past couple of weeks. These metals' weakness also adversely impacted leading precious metals exchange-traded funds including SPDR Gold Trust (GLD), iShares Gold Trust (IAU) and iShares Silver Trust (SLV).
Shares of SPDR Gold Trust lost 2.5% of their value during July and reached $124.83; iShares Gold also fell by a similar rate and settled at $12.57 per share; iShares Silver Trust slipped by 47 cents during the month to $19.78. But the upcoming non-farm payroll could drag further down bullion prices. Let's see why and start with the recent U.S. second-quarter GDP news.
The U.S. economy expanded by 4% during the second quarter, according to the latest update from the Bureau of Economic Analysis. This news may have contributed to the recent decline of gold and silver, which are considered safe haven investments when the economy isn't picking up. The recovery of the U.S. economy is impressive considering the GDP contracted by 2.1% in the first quarter.
READ MORE: Warren Buffett's 25 Favorite StocksAnother factor that could impact the direction of gold and silver is the upcoming release of the non-farm payroll, which estimates the progress of the U.S. labor market. In the past several months, the U.S. labor market added over 200 thousand jobs on a monthly basis. For