SAN FRANCISCO (MarketWatch)—Gold futures slumped Friday in the wake of an upbeat jobs report, turning negative for the year and finishing below $1,200 an ounce in its lowest settlement since Feb. 5, 2010.

Gold for December delivery GCZ24, tumbled $22.20, or 1.8%, to $1,192.90 an ounce, the first times a most-active gold futures contract closed under $1,200 since December, according to FactSet data. Gold turned negative for 2014, as the encouraging employment report weighed on haven demand.