Gold price declined on a stronger U.S. dollar. The U.S. dollar rose against other currencies after the release of the better-than-expected U.S. labour market data. The U.S. Labor Department released the labour market data on Friday. The U.S. economy added 292,000 jobs in December, exceeding expectations for a rise of 200,000 jobs, after a gain of 252,000 jobs in November. November's figure was revised up from a rise of 211,000 jobs.
The increase was partly driven by a rise in construction, professional and technical services, and health care. Health care sector added 39,200 jobs in December, professional and business services sector added 73,000 jobs, while construction added 45,000.
The manufacturing sector added 8,000 jobs in December, while mining sector shed 8,000 jobs.
The U.S. unemployment rate remained unchanged at 5.0% in December, in line with expectations.
Average hourly earnings were flat in December, missing forecasts of a 0.2% gain, after a 0.2% increase in November.
The labour-force participation rate increased to 62.6% in December from 62.5% in November.
February futures for gold on the COMEX today fell to 1091.80 dollars per ounce.