Gold traded lower mid-afternoon Friday as the dollar and yields turned sharply higher after the United States added more new jobs than expected last month.

Gold for August delivery was last seen down US$30.80 to US$3,344.30 per ounce.

The U.S. Bureau of Labor Statistics reported the country added 139,000 new jobs in May, down from 147,000 in April but above the consensus estimate for a rise of 125,000 positions, according to Marketwatch. The unemployment rate held at 4.2%.

The better than expected result follows on a Wednesday report that showed U.S. private-sector higher plunged to 37,000 last month, well below expectations for a rise of 110,000 jobs.

The dollar moved higher following the report, which can pressure commodities priced in the currency. The ICE dollar index was last seen up 0.51 points to 99.26. Treasury yields were sharply higher as well, with the U.S. two-year note last seen up 11.5 basis points to 4.043%, while the 10-year note was paying 4.497%, up 10.6 points.

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