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Gold Prices Unchanged After 10K Rise In Weekly Jobless Claims

Kitco News

(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.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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