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1st LD Writethru: Gold down on stronger U.S. jobs report

Xinhua, June 6, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange fell on Friday as the U.S. jobs report showed strength.

The most active gold contract for August delivery fell 7.1 U.S. dollars, or 0.60 percent, to settle at 1,168.10 dollars per ounce.

A report released by the U.S. Department of Labor showed an unexpectedly strong jobs report. Non-farm payrolls rose by a better-than-expected 280,000, and analysts said that revisions to previous months added 32,000 to April and March. Analysts also noted that there is an uptick in wage pressures as the report shows yearly earnings increasing 2.3 percent.

This report is likely to become a factor in the Federal Open Market Committee meeting later this month, as the U.S. central bank decides when to raise interest rates. Analysts originally believed that interest rates could rise as early as June, but due to worse-than-expected jobs data in March, they now believe that interest rates will rise in the fall. The next Fed meeting is scheduled for June 15, when investors expect additional news on the timing of a rate increase.

Gold was put under additional pressure as the U.S. Dollar Index rose.

Silver for July delivery dropped 11.9 cents, or 0.74 percent, to close at 15.984 dollars per ounce. Platinum for July delivery fell 7.2 dollars, or 0.66 percent, to close at 1,092.00 dollars per ounce. Endite