NEW YORK (TheStreet) -- Gold prices were dropping Friday after a better-than-expected monthly employment report caused the yellow metal to sell off as speculation rose that the Federal Reserve would cut short its quantitative easing program on improving jobs numbers.
Gold for December delivery was shedding $11.50 to $1,785 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded as high as $1,798.10 and as low as $1,774.50 an ounce, while the spot price was dipping $6.90, according to Kitco's gold index.
"The markets trading a little bit lower because of the jobs number and clearly the Fed has tied the quantitative easing program to the jobs numbers; however, the existing commitment still remains in place until the overall jobs picture gets dramatically better than it is today," said Will Rhind, managing director of ETF Securities U.S.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV