The labor report showed that nonfarm payrolls in January were revised down to 119,000 from the original estimate of 157,000, but the second revision for December's payrolls rose to 219,000, up from the prior estimate of 196,000.
"Silver has been doing reasonably well, but obviously every time we see a sharp move to the downside silver tends to see most of the damage," said Hansen. "We've seen another bounce in the dollar . . . and showing some new recent highs against the yen, and pretty strong against the euro, also against the British pound, it's trading fairly strong."
Gold investors were anticipating Friday's jobs report as a significant boost -- as happened -- could signal an earlier end to the Fed's policy of low interest rates and quantitative easing. Highly accommodative policy has made gold an attractive asset since the financial crisis as traders have seen the yellow metal as a hedge against inflation."I think this is an unusual environment where you have moderate growth with low inflation," said Robert Tipp, chief investment strategist at Prudential Fixed Income. Gold mining stocks were mixed on Friday. Shares of Randgold Resources (GOLD) were shedding 1%, while shares of AngloGold Ashanti (AU) were climbing 2.3%. Among volume leaders, Barrick Gold (ABX - Get Report) was off 0.07%. Gold ETF SPDR Gold Trust (GLD) was down incrementally at $152.56, while iShares Gold Trust (IAU) was slipping 1 cent to $15.33. -- Written by Joe Deaux in New York. >Contact by Email. Follow @JoeDeaux