WASHINGTON (dpa-AFX) - Gold prices fell Friday after an upbeat jobs report caused investors to take profits across most asset classes.
The U.S. economy generated 200,000 jobs in January, and worker pay increased 2.9% in the 12 months ended in January, according to figures from the Labor Department. This was the biggest rise in weekly wages since 2009.
Economists had expected employment to increase by about 180,000 jobs. The annual rate of growth in average hourly employee earnings accelerated to 2.9 percent in January from an upwardly revised 2.7 percent in December.
The Federal Reserve may respond to strong economic growth by hiking interest rates three times in 2018.
April gold fell $10.60, or 0.8%, to settle at $1,337.30/oz, for aweekly loss of 1.5%.
Copyright RTT News/dpa-AFX