Spot gold recorded a weekly loss of around 4%, falling to $4,375 per ounce.
US gold futures for August delivery also declined to $4,405.
The positive US jobs report released on Friday bolstered expectations of an interest rate hike by the US Federal Reserve.
Silver closed at $73.83, down 2.48%. These growing rate-hike expectations are acting as a direct and powerful pressure on the price of the yellow metal; the more the Federal Reserve moves toward raising rates, the more attractive bonds and US Treasury yields become at gold's expense.
Gold is widely regarded as a 'non-yielding' investment asset — it does not provide its holders with periodic dividends or accrued interest in the way bonds or equities do.