Gold Extends Weekly Losses and Finish at Lowest in about Four Months

Gold prices finished lower on Friday, as the U.S. Dollar (USD) surged following the release of last month’s strong jobs report.

Gold front month futures declined by $45.10, or 2.50%, to close at $1,760 per ounce, losing the key 1,800 level and finishing at its lowest level since April 14.

For the week, the yellow metal lost $52.60 or 2.90% in the largest weekly loss since June 18.

Earlier today, data showed that the U.S. economy created about 943,000 new jobs in July, with the unemployment rate falling to 5.4% from 5.9% in June.