Gold knocked down by surge in US jobs

 

Spot gold fell around 1.3% to $1,336.01 an ounce Friday morning after a report on US employment showed the country added 175,000 jobs in February, well above the 149,000 expected for the month.

Unemployment, however, also climbed one tenth of a percentage point to 6.7%, above forecasts for no change.

Gold has gained nearly 2% this week, partly supported by a weaker dollar, which dropped against the euro after the European Central Bank left interest rates on hold.

US gold futures were also slightly lower settling around $1,351 per ounce, the most in five weeks.