Gold held the biggest weekly advance since September as investors weighed a U.S. jobs report that showed both a growth in payrolls and a rise in the rate of underemployment.

Bullion for immediate delivery fell as much as 0.3 percent to $1,082.83 an ounce and traded at $1,085 by 1:18 p.m. in Singapore, according to Bloomberg generic pricing. The metal surged 2.7 percent last week for its biggest weekly gain since Sept. 18.

Friday’s report showed an increase of 211,000 in November U.S. payrolls, following a 298,000 gain a month earlier that was bigger than estimated. A healthy pace of hiring has raised the odds that Federal Reserve officials will boost rates this month for the first time since 2006, damping the appeal of gold which doesn’t pay interest. There’s a 74 percent chance of a liftoff at its Dec. 15-16 meeting, Fed-fund futures show.

“The Fed move in December is likely to be a done deal,” Victor Thianpiriya, a Singapore-based analyst at Australia & New Zealand Banking Group Ltd., said by phone. “Anyone who’s looking to get short gold is being potentially presented with that opportunity now, so it may move lower from here.”

The net-bearish position in gold futures and options reached 17,949 contracts in the week ended Dec. 1, according to Commodity Futures Trading Commission data released three days later. That’s the most since the data begin in 2006. Short holdings rose for a fifth week, the longest streak since March.

Gold prices still rallied on Friday as the underemployment rate crept higher, supporting the view expressed by Fed Chair Janet Yellen that the pace of tightening will be slow.

“In light of uneven chart patterns and uninspiring fundamentals, gold’s upside potential is limited,” Edward Meir, an analyst at INTL FCStone Inc., wrote in a monthly report. “What is giving us pause, at least in the short-term, is the fact the fund positions have hit record short readings as of last week, meaning that the current move could run for a little while longer before it fizzles. In December, look for a $1,050- $1,125 trading range.”

Investors cut gold holdings through exchange-traded products to 1,469.21 metric tons on Friday, the lowest level since February 2009.

Gold had touched a five-year low of $1,046.44 on Thursday and is heading for a third annual loss, the longest slump since 2000. Silver was little changed after a 3.1 percent advance on Friday, the biggest gain at close since Oct. 2. Palladium fell 1 percent while platinum added 0.4 percent.