Gold Prices Unchanged After 10K Rise In Weekly Jobless Claims
(Kitco News) - Gold prices are little changed on the day, holding overnight gains after initial weekly U.S. jobless claims rose by 10,000 to a seasonally adjusted 239,000 in the week to Saturday, the Labor Department said.
Consensus expectations compiled by various news organizations called for initial claims to be around 235,000. The government left the prior week’s unrevised at 229,000 claims.
Ahead of the report, gold was already holding on to strong gains as a result of renewed weakness in the U.S. dollar. The market has seen little reaction following the data; December gold futures last traded at $1,287.80 an ounce, up 0.32% on the day.
The four-week moving average for new claims – often viewed as a more reliable measure of the labor market since it smoothens out week-to-week volatility – was down by 1,250 claims to 231,250.
“This is the lowest level for this average since March 31, 1973 when it was 227,750,” the report said.
Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, decreased by 17,000 to a seasonally adjusted 1.901 million during the week ending Oct. 28, the government said.Traders monitor jobs data closely to gauge how aggressively the U.S. Federal Open Market Committee alters monetary policy.