Gold slid 1% on Friday as strong U.S. jobs data renewed bets the Federal Reserve would hold pat on interest rates and boosted demand for riskier assets, while supply-squeezed palladium soared to a new record high. U.S. job growth increased by the most in 10 months in November, confirming that the economy remained on a moderate expansion path despite a prolonged manufacturing slump.
Spot gold slipped 1% to $1,461.01 per ounce. U.S. gold futures settled down 1.1% at $1,465.1 per ounce.
Elsewhere, autocatalyst metal palladium continued scaling fresh peaks, hitting $1,880.37 for the first time.
Other metals latched onto gold’s slide as well, with silver falling 2% to $16.60 per ounce, having earlier touched a low since Aug. 7 at $16.51. Platinum fell 0.4% to $893.25.