Gold lower on upbeat employment data

CHICAGO, Dec. 8 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Friday as the newly released employment data indicated a robust economy.

The most active gold contract for February delivery dropped 4.7 U.S. dollars, or 0.38 percent, to close at 1,248.40 dollars per ounce.

Total non-farm payroll employment in the United States increased by 228,000 in November, and the unemployment rate was unchanged at 4.1 percent, the U.S. Bureau of Labor Statistics reported Friday.

Analysts said the increase surpassed Wall Street's forecast, which was some 200,000, adding that the latest employment situation will assure the Federal Reserve they can go ahead with another interest rate hike this month.

The U.S. dollar index, a measure of the dollar against a basket of other major currencies, continued its week-long rise to 93.94 as of 1823 GMT.

Meanwhile, the Dow Jones Industrial Average climbed 90.91 points, or 0.38 percent to 24,302.39 points as of 1833 GMT.

The dollar and equities typically move in opposite directions with gold, which means if the dollar and stocks rise, gold futures will fall.

As for other precious metals, silver for March delivery rose 2.1 cents, or 0.13 percent, to settle at 15.823 dollars per ounce. Platinum for January went down 10.80 dollars, or 1.21 percent, to close at 883.70 dollars per ounce. Enditem