Gold and Silver settled lower in futures market on Friday as the U.S. unemployment rate dropped to a seven-year low, fueling speculation that the Federal Reserve will raise interest rates this month.

Gold futures lost 3.10 dollars or 0.28 percent to close at USD 1,120.90 per troy ounce at the COMEX division of the New York Mercantile Exchange. Silver futures fell 0.158 dollar or 1.07 percent to close at USD 14.54 per troy ounce at the COMEX.

Nonfarm payroll employment increased 173,000 in August 2015. Subsequently, the unemployment rate edged down to 5.1%. Nonfarm payroll employment for June was revised upward from 231,000 to 245,000 and the change for July was revised upwards from 215,000 to 245,000.