Gold Drops Below $1190 after U.S. Jobs Data

Gold fell more than 1 percent on Friday after U.S. November non-farm payrolls data beat forecasts, fueling expectations that the Federal Reserve will raise interest rates sooner rather than later and lifting the dollar.

Labor Department data showed the U.S. economy added 321,000 new jobs last month, the largest number in nearly three years, and wages increased.

That sparked a rally in the dollar, which hit its highest since mid 2007 against the yen, and prompted traders to bet the Fed will raise rates earlier in 2015 than formerly thought.

CNBC

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