Gold prices extended losses Friday after the U.S. employment report fell short of analysts’ expectations and pointed to a slowdown in the labour market.
Gold for August delivery fell $21.90, or 1.4%, to $1,587.60 U.S. an ounce on the Comex division of the New York Mercantile Exchange.
The contract had been down $13 U.S. before the data and briefly bounced up after data. It later deepened losses and fell below the key $1,600-U.S. per-ounce level.
The U.S. economy added 80,000 jobs in June, the government reported Friday. Economists polled by MarketWatch had expected a rise of 100,000 in payrolls.
The unemployment rate remained at 8.2%.
In other metals trade, September silver futures fell 60 cents, or 2.2%, at $27.07 U.S. an ounce.
