Gold futures were sharply lower Friday, settling at their lowest in two months and losing nearly 4% for the week. A surprise monthly climb in U.S. jobs and a drop in the nation's unemployment rate led to a rally in the stock market, dulling demand for haven gold.
August gold lost $44.40, or 2.6%, to settle at $1,683 an ounce. That was the lowest finish for a most-active contract since April 3. For the week, prices lost 3.9%, according to FactSet data.