Gold takes a hit after surprise US jobs data

Gold fell fast, briefly slipping below $1,190 an ounce on Friday, as the dollar rose on a much more robust than expected U.S. employment report that raised sentiment on growth and dented gold as a currency hedge.

U.S. employers cut a far fewer-than-expected 11,000 jobs in November, the smallest decline since the start of the recession in December 2007, government data showed on Friday, strongly suggesting the deterioration in the labor market was in its final stages.

Spot gold was last traded at $1,189.90 an ounce at 9:05 a.m. EST (1405 GMT), against $1,207.10 late in New York on Thursday. U.S. gold futures for February delivery on the COMEX division of the New York Mercantile Exchange fell $25.40 to $1,193.80.

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- Posted: 2009-12-04 09:44:42

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