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Sunday, 04 November 2012 - 9:21
Gold slides on jobs and presidential uncertainty
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Gold closed the week firmly on the back foot ahead of the US presidential election on Tuesday and much stronger than expected US non-farm payroll numbers.

On Friday afternoon spot gold tumbled by 27.47 US Dollars to 1,686.5 as the US economy added 171,000 new jobs in October, though the unemployment rate edged up slightly to 7.9%.

Economists said the improvement in hiring is further evidence that the US economy is growing at about 2% a year at present.

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