Gold is dropping for a fifth straight day, its longest losing streak since August 2009, amid signs that the U.S. economy is recovering, which lifted the dollar and curbed demand for a haven. At last look, the yellow metal was down $12.80 to $1,358.80 an ounce. Gold futures prices have tumbled 3.7% this week after advancing 30% in 2010. The February-delivery contract settled at $1,367.80 an ounce, falling 0.3%, on the Comex in New York. The February crude oil contract is $0.59 higher at $88.97 a barrel this morning, reversing earlier losses, ahead an 8:30 a.m. ET report expected to show U.S. employers added jobs for a third month. Economists raised forecasts for U.S. jobs growth this week, with the median estimate calling for a gain of 150,000 in December and a drop in the unemployment rate to 9.7%. Crude oil declined $1.92 on Thursday, or 2.1 percent, to $88.38 a barrel, the lowest settlement since Dec. 17. March copper is $4.2855 currently in New York, down $0.0440 a pound after falling $0.0785 yesterday. The metal likely is headed for its first weekly drop in six, brought down by concerns China is ready to soon tighten monetary policy. Rising inventories in London yesterday eased supply worries. In company news, Cliffs Natural Resources ( CLF ) said it received $129 million in "true-up" payments from Essar Steel Algoma, reflecting disputed 2010 pellet sales that were resolved in arbitration. The firms also set a provisional rate for pellets this year, with a final per-ton price to be again determined in arbitration. Also, an exploratory deep well by American Water Works ( AWK ) in the Lower Dockum formation did not provide enough water of sufficient quality or quantity to supplement the Ogallala Aquifer, the primary water source for Clovis, N.M. Over the past 10 years, AWK has increased the number of wells in New Mexico from 28 to 61 wells but is producing 20% less water than it did a decade ago.

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