NFP shock pushes gold lower
Gold was down around 2.4% on Friday
Gold prices hovered at four-week lows amid continued strengthening of the US dollar following an upbeat US NFP jobs report.
Examining the trading of the yellow metal in the Asian session, gold traded little changed at around the price of $1,870 per ounce while gold futures traded at $1,883 per ounce.
The precious metal plunged sharply on Friday after being surprised by US NFP data which unexpectedly rose stronger in January.
This can be witnessed by the movement of the XAU/USD pair which declined around 550 pips as soon as the data was released, and is down almost 1000 pips from the 9-month high reached on Thursday, $1,959 per ounce.
The US dollar rose to a 3-week high against most major currencies, while the US 10-year treasury yield hit a 4-week high.
Gold was previously supported by a dovish indication by the Federal Reserve (Fed) which also raised interest rates by 25 basis points at last week's meeting.
