Summary Box: Gold ends week lower on strong dollar

AP News

10/7/2011 3:48:51 PM - AP News

GOLD FALLS: Gold for December delivery fell $17.40 Friday, or 1 percent, to $1,635.80 an ounce. December silver lost $1.012, or 3.16 percent, to close at $30.993.

JOBS REPORT: On Friday morning, the U.S. Department of Labor reported that U.S. employers added 103,000 jobs in September, boosting confidence and the dollar's value, which hurts gold.

DOWN FOR WEEK: Gold closed at $1,657.70 an ounce Monday. The price fell as low as $1,616 an ounce Tuesday as traders worried that prices had been overinflated during a rally this summer, when gold hit $1,891.90.