Gold futures on the COMEX division of the New York Mercantile Exchange closed with moderate losses on Friday (Saturday morning GMT ) , as traders reacted to the U.S. jobs report for November were stronger than expected .
The most active gold contract for February delivery lost 2.9 dollars , or 0.23 percent , to close at 1229.0 U.S. dollars per ounce . Statistics show the price of gold to a loss of 1.7 percent this week .
According to market analysts , the positive jobs report raised expectations that the U.S. Federal Reserve will soon withdraw monthly bond purchase program , which suppress gold trading today .
The U.S. economy added 203,000 jobs in November and the unemployment rate fell to seven per cent from 7.3 per cent in October , the Labor Department said on Friday . Economists surveyed by MarketWatch had expected a gain of 180,000 non-farm jobs and the unemployment rate of 7.2 percent .
Since September 2012 , the Federal Reserve has bought government bonds and mortgage -related assets worth 85 billion dollars per month in an effort to boost the U.S. economy . Stimulus program has contributed to the weakening of the U.S. dollar , which in turn provide support for gold .
While silver for March delivery fell 4.7 cents , or 0.24 percent , to close at 19.523 dollars per ounce .
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