Gold futures settled Friday at their lowest in more than three weeks, down 2.7% from last Friday’s finish. Gold took a hit because “the positive surprise on the jobs number is a strong indication that the [Federal Reserve] has more than a single rate hike left in it,” said Brien Lundin, editor of Gold Newsletter. Gold was hit harder than equities because “it’s been outperforming stocks over the last few months,” he said. “Profits are being taken by those who have enjoyed that ride.” Gold for April delivery GCJ23 fell $54.20, or 2.8%, to settle at $1,876.60 an ounce on Comex.
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