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The price of gold slipped slightly on Friday after challenging the $1,000 per ounce mark in the previous session. Some traders locked in gains from the highest closing price in six months ahead of a three-day holiday weekend.
August gold settled at $996.70 per ounce, down $1 on the day. Prices dipped as low as $987.50 earlier in the session.
For the week, the precious metal soared about 4%. Gold it as high as $999.50 on Thursday, threating to top $1,000 for the first time since late February.
The dollar turned to the downside against other major currencies, limiting gold's losses for the day. Gold usually moves opposite the dollar because of the precious metal's hedge value.
On the economic front, a Labor Department report showed that non-farm payroll employment fell by 216,000 jobs in August following a revised decrease of 276,000 jobs in July. Economists had expected a loss of about 230,000 jobs compared to the loss of 247,000 jobs originally reported last month. The unemployment rate to 9.7 percent in August from 9.4 percent in July.
On Tuesday, consumer credit data is due at 2 p.m. ET. A deficit of $4 billion is projected, compared to a $10.3 billion deficit reported last month.
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