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Gold Drops To Lowest Since Mid-Summer

Gold prices were lower Friday morning after downbeat jobs data and dovish comments from a Federal Reserve official.

The U.S. jobs count shrank by 33,000 jobs in September, due in part to Hurricane Harvey. It was the first contraction in seven years. The unemployment rate dipped to 4.2% as fewer people were looking for work.

Dallas Fed President Robert Kaplan, a voting member this year on the Fed's policy committee, said he is not yet in favor of a December rate hike but has an open mind

Kaplan said a lot of the job losses in September will be temporary.

Traders await remarks from three other Fed officials throughout the day.

Gold was down $6 at $1267 an ounce, the lowest since mid-summer.

by RTTNews Staff Writer

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