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Metals Stocks: Gold futures sink after strong U.S. jobs report

Gold futures sank early Friday following a stronger-than-expected nonfarm-payrolls report that might provide the Federal Reserve sufficient evidence to consider resuming interest-rate hikes soon after a roughly eight-month pause.

The U.S. created 255,0000 new jobs in July, outpacing expectations of 185,000, and marking the second-straight healthy jobs figure in a row after a report for May showed that just 11,000 jobs were created.

The Labor Department’s report puts pressure on precious metal because it offers the Fed fodder to lift interest rates at its next policy-setting meeting in September or December. Higher rates can boost the dollar and make dollar-priced assets more expensive to buyers using other currencies.

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