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Gold futures settle sharply lower after strong jobs data

04 Feb 2023 Evaluate
Gold futures settled sharply lower on Friday, extending losing streak to third straight session after jobs data came stronger than expected kindling chances for more Fed interest rate hikes. Besides, firm dollar also dulled buying of green back denominated bullion. The yellow metal for the most active contract marked lowest finish in three weeks and 2.7% loss for the week.

Gold futures for April finished down by $54.20 or 2.80% to settle at $1876.60 ounce on the Comex division of the New York Mercantile. While, spot gold slipped by 2.50% or $47.75 to $1,864.97 per ounce.