Gold falls by more than 1% with the release of strong US jobs data

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 Gold prices fell by more than one percent on Friday after strong US jobs data raised fears that the Federal Reserve (the US central bank) will stick to its monetary tightening policy.


By 1421 GMT, gold in spot transactions fell 1.1 percent to 1783.41 dollars per ounce after reaching its highest level since the tenth of August at 1804.46 dollars per ounce earlier in the session.


US gold futures fell one percen
t to 1797.40 dollars per ounce.


Data showed that US employers hired more workers than expected in November and raised wages despite growing fears of a recession.


David Meagher, director of metals trading at High Ridge Futures, said: "with the release of the US jobs data which was much stronger than expected... What we are seeing is concern that the Federal Reserve may need to go ahead with the expected increases in interest rates,"he said.


After the release of the report, the dollar rose 0.6 percent against major rival currencies, making gold more expensive for holders of other currencies. US Treasury bond yields also rose.


However, gold prices are on track to record gains for the second week in a row, rising 1.6 percent so far this week.


As for other precious metals, silver in spot transactions fell 1.2 percent to 22.48 dollars per ounce. Platinum fell 3.2 percent to 1007.92 dollars, but is expected to make weekly gains. Palladium also lost 3.3 percent to 1877.50 dollars.

Location: 5Q7W3Q36+VF

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