U.S. Jobs Info Drives Gold Prices Down

Prices for gold dropped further on Friday after U.S. jobs data turned in a stronger number than expected, and as traders continued to search for any implications for the outlook for U.S. monetary policy over the rest of the year.

Spot gold lost 1% after the non-farm payroll data, falling to $1,335.47 U.S. per ounce. It has fallen more than 0.1% so far this week.

U.S. gold futures declined 0.7% to $1,338.10 U.S. per ounce.

Friday brought word from the U.S. Bureau of Labor Statistics that non-farm payrolls grew by 200,000 in January and the unemployment rate was 4.1%.

Economists had been expecting jobs growth of 180,000 and an unemployment rate of 4.1%.

Stronger-than-expected jobs data, lower unemployment and higher wages would signal strength in the economy, and could in turn strengthen the dollar and pressure gold

Silver fell 1.7% to $16.944 U.S. an ounce.

Platinum dropped 1.1% to $995.20 U.S. while palladium was up 1% at $1,047.22 U.S.