NEW YORK (
Gold for December delivery dropped $40.30, one of its largest drops in 2012, to close at $1,675.20 an ounce at the Comex division of the New York Mercantile Exchange. The
"Unexpected good jobs figures, fears for less stimulus spending coming quickly moved investors to take money off the table," George Gero, precious metals strategist at RBC Wealth Management, wrote in a Friday afternoon note. "Next week we could see margin selling and some more weakness until we see stabilization."
Nonfarm payrolls in October rose 171,000 as the unemployment rate ticked slightly higher to 7.9% from the prior month's 7.8%. The unemployment rate was in line with expectations, according to Briefing.com, but above the forecast for 125,000 new jobs.The positive jobs number saw the dollar index leap, and the euro weaken.
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