Gold below US$1200 an ounce after jobs report

Washington (Dec 7)  Gold for February delivery dropped 1.4% to finish at US$1,190.40 an ounce.

Gold prices fell as a stronger-than-expected jobs report dulled its shine as a safe haven but the precious metal still managed to close out the week 1.3% higher.

Gold for February delivery dropped 1.4% to finish at US$1,190.40 an ounce.

The Labor Department said the U.S. added 321,000 jobs in November, the biggest gain since January 2012 and well beyond the 235,000 that were expected.

Average hourly wages jumped 0.4% after two weak readings, although the 12-month increase was little changed at 2.1%.

The dollar rose to the highest since 2009 against a basket of currencies, cutting the appeal of bullion as an alternative asset.

In other metals trading, March silver lost 1.9% to US$16.26 an ounce. January platinum dropped 2.1% to US$1,219.50 an ounce, while March palladium rose 55 cents to US$802.70 an ounce.

High-grade copper for March delivery slid a penny to US$2.90 a pound.

Source: ProactiveInvestors