Gold Down by 1% on Disappointing US Jobs Report

Reuters reported that gold dropped 1 percent as a lackluster US jobs report prompted investors to sell gold and turn to the dollar.

As quoted in the market news:

Bullion is set for a lower weekly finish after data showed U.S. nonfarm payrolls grew at a less-than-expected pace in June.

Spot gold was down 1.2 percent at $1,585.36 an ounce by 11:36 a.m. EDT (1536 GMT), on course for a weekly fall of 0.8 percent.

U.S. gold futures for August delivery were down $23.80 at $1,585.60 an ounce.

Click here to read the full Reuters report.