Gold falls to 3-month low, posts third weekly loss in a row

Gold falls to 3-month low, posts third weekly loss in a row

Gold falls to 3-month low, posts third weekly loss in a row

FXStreet (Córdoba) – Gold faced a strong sell-off on Friday and scored a fresh 3-month low sub $1,100 an ounce, with the metal poised to post its eight daily loss in a row and its third weekly decline.

The dollar strengthened across the board, dragging gold prices to a 3-month low, as a much stronger than expected US jobs report lifted expectations of a Fed rate hike in December after Yellen said earlier this week the decision would still depend on incoming data.

US economy added 271,000 new jobs in October versus 180,000 expected and up from 237,000 the previous month, according to the nonfarm payrolls report. Meanwhile, the unemployment rate dropped to 5.0% versus 5.1% expected.

Gold scored a low of $1,085 an ounce and it was last trading around $1,090 an ounce, recording a 1.18% daily loss.

Gold faced a strong sell-off on Friday and scored a fresh 3-month low sub $1,100 an ounce, with the metal poised to post its eight daily loss in a row and its third weekly decline.

(Market News Provided by FXstreet)