U.S. non-farm payrolls fall 533,000 in November… Oil slips more than 2 percent

Gold fell on Friday as investors sold assets after data showed a much larger-than-expected fall in U.S. November non-farm payrolls.

A sharp dip in the dollar in the immediate wake of the numbers initially sent gold higher, but it quickly gave up gains as the U.S. currency reversed direction.

The precious metal is often bought as an alternative investment to the dollar and tends to move in the opposite direction to it.

Spot gold was quoted at $752.30/754.30 an ounce at 1427 GMT, against $765.70 late in New York on Thursday, having earlier touched a low of $747.20.

“(The data) shows a worsening economic situation, and it is hard for assets to maintain value against that,” said John Meyer, an analyst at Fairfax investment bank.

U.S. non-farm payrolls fell by 533,000