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Gold plunged on Friday, giving back its sharp gains from earlier in the week, as a better-than-forecast U.S. jobs report sent the dollar higher. Profit-takers took advantage of a rise to record levels.
Gold for December delivery fell to $1,168.80 an ounce, down $48.60 on the session. Prices dipped as low as $1,147 earlier in the session.
The metal finished a volatile week down $5.80 per ounce. Gold reached a record high of $1,226.40 in Thursday's trading.
The Labor Department revealed that non-farm payrolls edged down by 11,000 in November. Most economists had expected a decline of at least 100,000. The unemployment rate also unexpectedly dipped to 10.0%.
The dollar surged to a weekly high, rising away from a 16-month low against the euro and also surged to a three-week high against the yen.
Later, a Commerce Department report showed that factory orders increased by 0.6 percent in October following an upwardly revised 1.6 percent increase in September. Economists had been expecting orders to come in unchanged compared to the 0.9 percent increase originally reported for the previous month.
Next week, traders will look forward to wholesale inventories data on Wednesday and import and export sales data on Friday.
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