Gold prices fell on Friday, pulling back from a more than six-month peak hit earlier in the session, after stronger-than-expected U.S. jobs data, while palladium prices punched through the key $1,300 level for the first time.
Spot gold slipped 0.78 percent to $1,283.56 per ounce as of 2:00 p.m. ET, after dropping as much as 1.3 percent to $1,276.40.
The metal was however on track for a third straight weekly gain, up about 0.2 percent so far, mainly helped by recent strong gains. It touched its highest level since mid-June at $1,298.42 earlier in the day.
U.S. gold futures settled down $9.00 to $1,285.80 per ounce.
“Industrial commodities and currencies have rebounded therefore the precious metals which have been the safe haven such as gold, silver have retraced today,” said David Meger, director of metals trading at High Ridge Futures.
“That is exacerbated by a stronger-than-expected payrolls data.”