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Gold tumbles over 3% on track for third weekly loss in row
Gold prices fell on Friday as the dollar index gained ground against a basket of major rivals following the monthly jobs data.
The People’s Bank of China mentioned that its gold reserves were unchanged in May, after purchasing 60 thousand ounces in April, and 160 thousand ounces in March.
The US economy added 272 thousand new jobs in May, above estimates of 190 thousand, and up sharply from 165 thousand in April.
Conversely, unemployment rose to 0.4% in May from 3.9% in April.
The dollar index rose 0.8% as of 20:25 GMT to 104.9, with a session-low at 104.00.
On trading, gold futures due in August tumbled 2.75%, or $65.9 to $2325 an ounce, marking a loss of 0.9% this week.
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