Gold drops 1% as strong US payrolls boost dollar, yields
GLD•GLD•GLD•GLD•Gold fell 1% on Friday after stronger-than-expected October US payrolls boosted the dollar and Treasury yields. Spot gold was up 4.8% for the week, on track for its best weekly performance since August.
Spot gold fell 0.6% to $4,062.11 an ounce by 12:35 p.m. ET, after dropping more than 1% to a session low of $4,033.29. US gold futures for December delivery fell 1% to $4,071.30.
The dollar gained 0.7% to its highest level since October 29, while benchmark 10-year Treasury yields also climbed. October nonfarm payrolls increased more than expected and unemployment fell to 4.1%; traders saw an 81% chance of a December Fed rate hike, up from 72.8% before the report.
Lower prices encouraged Indian retail buying ahead of Diwali. Silver rose 0.3% and platinum gained 1.6%, while palladium fell 1%; all three metals were poised for weekly gains.
