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.
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