Employment figures lift case for higher interest rates, which would dent precious metal’s appeal

Gold prices extended losses on Friday after a better-than-expected jobs report dented safe-haven demand and increased concerns that the Federal Reserve could raise interest rates in the coming months.

Gold for December delivery settled down 1.7% at $1,344.40 a troy ounce on the Comex division of the New York Mercantile Exchange, its biggest one-day loss since May 24.

The U.S. economy added 255,000 jobs in July, beating economists’ expectations of 179,000 and signaling that the labor market is on strong footing… Read Full Article