Gold futures edged higher Friday, holding gains as a much-anticipated jobs report came in better than expected, but investors remained concerned about a double dip for the U.S. economy.
Gold for December delivery added $2.10, or 0.1%, to $1,661 U.S. an ounce on the Comex division of the New York Mercantile Exchange during Asian trading hours.
The gains made up some of the losses posted in the previous session, when investors sold out of gold positions to meet margin calls after a sharp selloff in equities.
The U.S. Labor Department reported Friday the economy added 117,000 jobs in July, and the unemployment rate fell slightly. Read more about the jobs report.
Economists surveyed by MarketWatch expected the U.S. to add a seasonally adjusted 75,000 jobs in July
The news helped early oil and stocks trading, but both asset classes were recently trading lower after the optimism from the report faded.
The dollar index which compares the U.S. unit to a basket of six other currencies, rose to 75.822 from 75.109 late Thursday in North American trading.
The broader metals complex lost ground on Friday, with palladium leading the declines.
Silver for September delivery fell 40 cents, or 1.1%, to $39.05 U.S. an ounce.
September copper lost five cents, or 1.2%, to $4.18 U.S. a pound.
October platinum dropped $18.60, or 1.1%, to $1,710.80 U.S. an ounce. September palladium lost $12, or 1.6%, to $740.90 U.S. an ounce.
