Gold futures finished sharply lower on Friday, marking sharpest decline in two months, after the better than expected July jobs data lifted the greenback and US Treasury bond yields pulling down the yellow metal’s investment appeal. The monthly Labor Department report for July showed that the US economy added 943,000 jobs, with drop in unemployment rate to 5.4%. The yellow metal for the most active contract posted a weekly decline of about 2.97%, representing the sharpest such decline since the period ended June 18.
Gold futures for December dipped by $45.80, or 2.5%, to settle at $1,763.10 an ounce on the Comex division of the New York Mercantile. While, spot gold fell 2.2% to $1,763.96 per ounce.