Metals Stocks: Gold retreats from 3-month high after strong October jobs report

Gold futures posted a moderate decline, edging to a new session low Friday after a stronger-than-expected October jobs report.

Gold for December delivery GCZ8, -0.49% was off $4.70, or 0.4%, to $1,233.90 an ounce, while December silver SIZ8, -0.32% fell 2.2 cents, or 0.1%, to $14.755 an ounce. Gold on Friday closed at a three-month high as the U.S. dollar weakened. A weaker U.S. unit can be a boon for commodities priced in the currency as it makes them less expensive to users of other currencies.

The U.S. economy added 250,000 new jobs in October, topping the consensus forecast of 208,000, while the unemployment rate was unchanged at a 48-year low of 3.7%.

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