(Kitco News) - A much-better-than-expected U.S. jobs report pushed gold prices solidly lower in early U.S. trading Friday. February Comex gold was last down $17.10 at $1,190.50 an ounce. Spot gold was last down $15.70 at $1,191.40. March Comex silver last traded down $0.25 at $16.34 an ounce. U.S. non-farm payroll employment rose by a much-higher-than-expected 321,000 jobs in November. The market place had expected a rise of around 230,000. The overall unemployment rate was unchanged at 5.8%. Gold sold off and the U.S. dollar index rallied sharply on the surprisingly upbeat U.S. economic news. The stronger jobs report leads to speculation the U.S. Federal Reserve may now move to raise interest rates sooner than many had reckoned. Other U.S. economic data due for release Friday includes the international trade report, manufacturer shipments and inventories, and consumer installment credit. In overnight news, the European Union’s third-quarter gross domestic product came in at up 0.2% from the second-quarter and up 0.8% year-on-year. This number was in line with market expectations. The report is yet another weak indicator of the EU economy that is in need of monetary stimulus. European Central Bank president Mario Draghi implied at the monthly ECB meeting on Thursday that new quantitative easing measures will be announced in the first quarter of 2015.

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