(Updated to account for price movements.)NEW YORK ( TheStreet) -- A strengthening U.S. dollar drew money out of the red-hot gold market Friday, with the declines in gold prices accelerating late in the day. Gold prices for December delivery plunged below the $1,200-per-ounce level and the record highs reached on Thursday. In open-cry trading on the Comdex division of the New York Mercantile Exchange, the contract lost $48.60 to settle at $1,168.80 an ounce. Gold for February delivery, meanwhile, the most heavily traded contract, fell $48.80 to $1,169.50, settling close to its intraday low of $1,167.90. The high was $1,213.90. In electronic trading, gold prices continued to deteriorate. Recently, the February contract was down $61.40 at $1,156.90 an ounce. far fewer job losses in November than experts were expecting, helped shove the Dow Jones Industrial Average up by more than 125 points immediately after the opening bell, while the S&P 500 spiked by more than 12 points. Stocks then dramatically reversed direction before moderating toward the end of the session. The greenback, meanwhile, strengthened against a range of foreign currencies -- the dollar index jumped by more than 1% Friday -- and other safe-haven assets declined in value along with gold, including the benchmark 10-Year Treasury.
Gold Selloff Won't Last