Gold futures settled at their lowest level in more than two weeks
Bullion prices ended lower at Comex on Friday, 04 September 2015. Gold futures settled at their lowest level in more than two weeks on Friday, tallying a weekly loss of 1.1% in the wake of the monthly U.S. jobs report, which offered a mixed picture of the health of the U.S. labor market.
Gold futures for December delivery lost $3.10, or 0.3%, to settle at $1,121.40 an ounce on Comex. Prices fell 1.1% for the week.
December silver lost 15.8 cents, or 1.1%, to $14.549 an ounce, for a weekly gain of roughly 0.1%. Silver prices performed slightly better this week, despite also ending its second consecutive week in negative territory.
Friday's release of the Nonfarm Payrolls report for August appeared mediocre as the headline number came in below expectations. The U.S. economy in August saw its smallest employment gains in five months, according to the Labor Department on Friday, adding a modest 173,000 new jobs, while unemployment fell to 5.1% its lowest level since April 2008. The report is unlikely to deter the Federal Reserve from raising the fed funds rate as early as this month. However, revisions for June and July showed 44,000 extra jobs were created in the first two months of summer.
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