Gold sinks the most in 10 weeks following strong U.S. jobs report

Gold futures notched a hefty loss Friday, tumbling the most in about 2 1/2 months following a stronger-than-expected nonfarm-payrolls report that might provide the Federal Reserve evidence to lift benchmark interest rates sooner than later.

December gold GCZ6, -0.13%  lost $23, or 1.7%, to settle at $1,344.40 an ounce, marking the worst day for the metal since May 24, according to FactSet data.

The U.S. created 255,0000 new jobs in July, outpacing expectations of 185,000, and marking the second-straight healthy jobs reading in a row after a report for May showed that just 11,000 jobs were created.

A gauge of the dollar, the ICE U.S. Dollar Index DXY, -0.02% rose 0.4%, and stocks also vaulted up after the employment report was released, signaling fading demand for havens and a spike in risk appetite.

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