Gold and silver were moving lower to close out 2012’s first week of trading, even as the U.S. Bureau of Labor Statistics reported a better-than-expected 200,000 increase in December nonfarm payroll employment and the lowest unemployment rate — 8.5% — in almost three years. Stocks and precious metals were being weighed down by EU sovereign debt concerns. Yields on Italian and Spanish treasury bonds remain at elevated levels, according to one news report.

Having moved higher overnight, spot gold was trading some 0.43% lower at 10:20 a.m. Friday, with a bid price of $1,614.40 and an ask price of $1,615.40. Spot gold traded as high as $1,632.50 and as low as $1,612.50. The London afternoon reference price fix came in at $1,616.50, or $17.50 an ounce higher than Thursday’s price fix, according to Kitco market data.

Spot silver was down around 2.1%, bid at $28.75 an ounce with an ask price of $28.85. The morning high as of time of writing was $29.61 and the low was $28.60. Friday’s reference price was set at $29.40 in the London a.m., 48 cents an ounce higher than Thursday’s price fix.

A stronger dollar/weakening euro is contributing to the downward move in gold prices, according to BullionVault’s London Gold Market report. “Liquidity remains locked up as the European interbank market continues to malfunction. . .in the physical market, we continue to see steady buying of gold. But this demand is more likely to provide support for gold on dips below $1,600 rather than push it substantially higher,” commented a Standard Bank commodities strategist.

Turning to U.S. exchange trading, gold and silver trusts were moving lower.

• The SPDR Gold Trust (NYSE:GLD) was showing losses of some 0.65%.
• The iShares Gold Trust (NYSE:IAU) was down nearly 0.6%.
• The iShares Silver Trust (NYSE:SLV) was down around 1.9%.

Gold and silver mining ETFs also were closing out the week headed down.

• The Market Vectors Gold Miners ETF (NYSE:GDX) was nearly 0.6% lower.
• The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) was down some 0.35%.
• The Global X Silver Miners ETF (NYSE:SIL) was around 0.8% lower.

Gold mining shares were heading lower.

• Agnico-Eagle Mines (NYSE:AEM) was showing losses of 0.25%.
• Barrick Gold (NYSE:ABX) was down some 0.6%.
• Eldorado Gold (TSE:ELD) was down just 0.02%.
• Goldcorp (NYSE:GG) was 1.8% lower.
• Newmont Mining (NYSE:NEM) was down around 0.65%.
• NovaGold Resources (AMEX:NG) was down some 0.2% and more.

Silver mining shares also were heading south.

• Coeur d’Alene Mines (NYSE:CDE) was moving lower, down around 0.45%.
• Hecla Mining (NYSE:HL) was down more than 1.2%.
• Pan American Silver (NASDAQ:PAAS) was down around 0.2%.
• Silver Wheaton (NYSE:SLW) was showing losses of nearly 1.8%.
• Silver Standard Resources (NASDAQ:SSRI) was down 0.75%.

As of this writing, Andrew Burger did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.