02:00 PM EST, 03/07/2025 (MT Newswires) -- (Updates prices.)

Gold prices moved lower mdi-afternoon on Friday as the dollar fell to a four-month low after the United States reported a smaller than expected rise in employment last month.

Gold for April delivery was last seen down US$12.50 to US$2,914.10 per ounce.

The U.S. Bureau of Labor Statistics reported nonfarm payroll employment rose by 151,000 new jobs in February, up from 125,000 a month earlier, but under the FactSet consensus estimate for a rise of 160,000 positions. The U.S. unemployment rate rose to 4.1% from 4.0%.

Gold remains near its Feb. 24 record high of US$2,963.20 per ounce as U.S. President Donald Trump's indecision on tariffs he imposed this week on Canada and Mexico and then partially lifted and his moves to reshape the U.S. government roil markets and support safe-haven demand.

"We believe higher prices well into the $3000s per ounce are possible, but that is all about uncertainty, and with so much already priced in (at the moment due to tariffs) we are cautious and think there will be better opportunities amid pockets of consolidation in prices," Christopher Louney, a commodities strategist at RBC Capital Markets, noted.

The dollar continued to fall early on Friday following the jobs data. The ICE dollar index was last seen down 0.11 points to 103.96.

Treasury yields rose, with the U.S. two-year note last seen paying 4.008%, up 3.7 basis points, while the yield on the 10-year noted was up 3.8 points to 4.314%.