Gold futures dropped sharply Friday after the U.S. report on November employment came in better-than-expected, with gains last month of 266,000 new jobs, marking the biggest monthly gains since January and reaffirming the health of the domestic economy.
Prices for the metal “crumbled” as “hiring in the United States roared back to life in November,” said Lukman Otunuga, senior research analyst at FXTM.
The data provided support for the U.S. dollar, pushed up U.S. Treasury yields and reduced bets over the Federal Reserve cutting interest ranges, so “gold remains in the direct firing line,” he told MarketWatch.
