Gold down over $40, lowest close since late August
SAN FRANCISCO (MarketWatch) — Gold futures fell Friday, settling below $1,700 an ounce at their lowest since late August as the U.S. dollar gained following upbeat jobs data, pressuring prices for dollar-denominated commodities such as gold. Gold for December (CNS:GCZ2) delivery dropped $40.30, or 2.4%, to settle at $1,675.20 an ounce. Futures prices lost 2.1% for the week, their fourth weekly loss. “The jobs market appears to be getting just a bit better, so that will reduce the [U.S. Federal Reserve's] desire to keep ‘QE Infinity’ going, which is bad for gold,” said Tom Essaye, editor of the 7:00?s Report, a daily commentary on equity and commodity markets and the economy.