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Gold extended its losses on Friday after the U.S. economy added 165,000 jobs in October, surpassing expectations of 65,000, while unemployment fell—boosting expectations of an interest-rate hike. Spot gold dropped 1.1% to $4,043.78 an ounce, while December delivery futures fell 1.5% to $4,052.30. The probability of a 25-basis-point rate hike in December stood at around 75%. Despite the decline, gold remained on track for weekly gains of more than 4%, supported by falling oil prices over the week.
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