Gold futures settled sharply higher on Friday, as dollar turned weak after the October non-farm payrolls report , making the greenback denominated yellow metal cheaper for other currency holders. The US payrolls climbed by 261,000 in October, raising unemployment rate to 3.7%. Gold for the most active contract marked 1.9% gain for the week.
Gold futures for December soared higher by $45.70 or 2.8% to settle at $1676.60 ounce on the Comex division of the New York Mercantile. Spot gold rose by $52.38 or 3.21% or $1,681.87 per ounce.