Gold futures added to losses Friday after the U.S. jobs data showed a surprise drop for the unemployment rate in September.
Gold remained on track to post a gain around 0.6% for the week.
Gold for December delivery lost $12.40, or 0.7%, to $1,784 U.S. an ounce on the Comex division of the New York Mercantile Exchange.
The metal has thrived on the recently announced monetary easing, stimulus measures in the U.S. and elsewhere. The positive jobs report weakened the case of those pressing for yet more steps.
The U.S. Labor Department said the jobless rate fell below 8% for the first time since President Barack Obama took office. The economy created 114,000 jobs in September, and employment figures for August and July were revised up.
Economists had predicted the creation of 110,000 jobs in last month, while the unemployment rate was forecast to tick up to 8.2% from 8.1%.
Most metals tracked gold lower, with December silver down 21 cents, or 0.6%, to $34.89 U.S. an ounce. On the week, however, silver is gaining 0.9%.
Gold tends to benefit amid concerns of inflation or currency debasement, as the metal is viewed as a safe store of value.
Meanwhile, December copper bucked the trend and turned higher. It gained one cent, or 0.4%, to $3.80 U.S. a pound.
Palladium for the same month’s delivery fell $6.55, or 1%, to $668.20 U.S. an ounce. January platinum declined $4.80, or 0.3%, to $1,721.10 U.S. an ounce.
