Gold ends lower but books 6th straight weekly advance

Gold futures fell on Friday following a better-than-expected monthly report on U.S. employment, but prices still tallied a sixth weekly gain in a row as investors sought out assets deemed less risky.

August gold GCQ6, +0.17%  fell $3.70, or 0.3%, to settle at $1,358.40 an ounce, extending losses from Thursday, when it snapped a three-session string of gains. The metal initially tanked by $24, or nearly 2%, after the jobs numbers were released before paring losses.

It’s not surprising that gold “whipsawed,” said Brien Lundin, editor of Gold Newsletter. “But the fact that it bounced back from the early-reaction lows is, I think, a sign that there’s a massive amount of money waiting to get into the sector.”

Meanwhile, September silver SIU6, +1.45%  added 26.1 cents, or 1.3%, at $20.099 an ounce, after closing down 1.8% a day earlier to end a six-session win streak.

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