Gold settles lower after US jobs report

Chicago, Sep 5 (IANS) Gold futures on the COMEX division of the New York Mercantile Exchange settled slightly lower after the monthly US jobs report.

The most active gold contract for December delivery on Friday lost $3.10 (0.28 percent) to settle at $1,121.40 per ounce, reported Xinhua news agency.

For the week, the gold futures lost 1.11 percent.

US Department of Labour said employers added 173,000 workers in August, while the unemployment rate fell to 5.1 percent, lowest since April 2008, and average hourly earnings up 0.3 percent.

Gold prices fell as the mixed US payrolls data failed to allay uncertainty over the prospect of a near-term interest rate hike from the Federal Reserve, analysts said.

Silver for December delivery fell 15.8 cents (1.07 percent) to close at $14.549 per ounce.

Platinum for October delivery lost $17.70 (1.75 percent) to close at $992.40 per ounce.

Leave a Reply