The price of gold was moving lower Friday morning, with the U.S. dollar trading firm versus a basket of currencies ahead of the release of unemployment data.
Gold for December delivery, the most actively traded contract, lost $8.10 to $1,364.90 an ounce. Yesterday, gold extended losses for a second day, shedding over 1 percent as investors mulled the possibilities of a military strike on Syria by the U.S. and its allies, amid concerns the Federal Reserve may begin tapering its quantitative easing program soon after a slew of encouraging macroeconomic data out of the U.S.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 919.23 tons.
Meanwhile, the U.S. dollar moved up near a 2-month high versus the euro and the Swiss franc, while trading flat against sterling and the yen.
In economic news from the euro zone, Germany's foreign trade surplus decreased more than forecast by economists in July amid a fall in exports, data from the Federal Statistical Office revealed. The trade surplus fell to EUR16.1 billion in July from EUR 17 billion in June. Economists had forecast a surplus of EUR 16.5 billion. In calendar and seasonally adjusted terms, the surplus was EUR 14.5 billion.
Meanwhile, Germany's industrial production decreased in July at a notably faster rate than economists had forecast, latest data showed. Industrial production fell a seasonally and calendar-adjusted 1.7 percent in July from the previous month, marking a deterioration from June's 2 percent increase, preliminary data released by the Federal Ministry of Economics and Technology showed. Economists had forecast production to record a 0.5 percent contraction in July
Elsewhere, British industrial production decreased in July, the latest figures from the Office for National Statistics revealed. Production declined 1.6 percent year-on-year in July, reversing a 1.4 percent increase in June. This compares with forecast for a 1.7 percent fall.
Britons' inflation expectations have eased from May and the proportion of respondents expecting an interest rate hike in the next 12 months was the lowest since 2008, results of a key survey from the Bank of England revealed.
Meanwhile, the prices of silver and platinum were ticking lower in morning deals.
From the U.S., the Labor Department will release its monthly non-farm payrolls report at 8:30 a.m. ET. Economists estimate that the economy added 175,000 jobs in August, while the unemployment rate is expected to have remained unchanged at 7.4 percent.
