Gold futures dip on disappointing US jobs data

Gold futures on the COMEX division of the New York Mercantile Exchange dipped slightly Friday as weaker than expected jobs report lent it a support. The most active gold contract for December delivery dropped 0.7 U.S. dollar, or 0.05 percent, to settle at 1,310.5 dollars per ounce. Gold prices dropped to 1,282.4 dollars per ounce in early electronic trading, and were then weighed on by the weaker-than- expected U.S. job data for July. U.S. Labor Department said only 162,000 jobs were created in July, falling short of the 180,000 expected by analysts. With the July employment weaker than expected, market analysts suspect whether there will be a delay in U.S. Federal Reserve\'s scale-back of its bond purchase. A weaker dollar also supports gold. Investors are looking forward to the U.S. Institute for Supply Management nonmanufacturing index scheduled to be released Monday. Gold prices lost 0.9 percent this week, the first loss in four weeks. Silver for September delivery gained 28.8 cents, or 1.47 percent, to close at 19.912 dollars per ounce. Platinum for October delivery rose 7.7 dollars, or 0.53 percent, to close at 1, 451.5 dollars per ounce.