Gold ends week lower as inflation worries ease

Gold is ending down for the week after a strong jobs report and continued turmoil in Europe eased inflation concerns.Gold has rallied this year as investors snapped up precious metals as a bet against inflation.However an increase in the dollars value Friday after on a better-than-expected U.S. jobs report sent gold lower. The dollar also gained after Fitch downgraded Italy and Spains credit ratings.Gold for December delivery fell $17.40 Friday, or 1 percent, to $1,635.80 an ounce. December silver lost $1.012, or 3.16 percent, to close at $30.993.Gold started the week by closing at $1,657.70 an ounce Monday. The price fell as low as $1,616 an ounce Tuesday as many traders worried that prices had been overinflated during a rally this summer, when gold hit $1,891.90.